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Day Trading Taxes! We talk about DayTrading taxes and how they work. Have you ever heard of a Wash Sale? Have you thought about becoming a Maker to Market classification with the IRS. Lets talk about how Taxes work when you're a DayTrader!

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  1. I would add that one of the benefits of trading futures is that you only pay a 60/40 split of capital gains and ordinary income tax and the wash sale rule does not apply.

    • …for clarity, with futures 60% is taxes are taxed at the 20 % level and 40 % is taxed at the short term gains level which is 37%. Correct?

  2. Wait so the only difference between crypto and stocks is you pay tax on any crypto to crypto trade? Why are they saying its treated like property?

  3. You are a hero, Patrick. ✌️ I mean that. I appreciate ya looking out for us – leaving the prerecorded videos while you’re out doing life stuff. I was very excited when I saw this notification.

  4. Futures trades are taxed much less but only tax consultants that know futures seem to know this. Make sure to get one of those Chicago based specialists if you make more than 100K trading futures.

  5. I am not from America, but I guess this is quite similar in all countries. I am a scalper and either if I win or lose there will only be small amounts as I am working on a 100 $ account. Why on earth do I have to write down each trade? Why can’t I just show an annual balance?

  6. 4:04 “Being a Mark to Market trader has no other advantage. Being a Mark to Market trader has another advantage.”

  7. Are tax brackets based on individual positions, or are they all lumped together to increase the taxes bracket? In other words, selling 10 positions at 5k profit per position. Is the tax liability at the 5k bracket or the 50k bracket? I’m not able to find out.

  8. For some reason I watched you out of curiosity one day scrolling on youtube and now im business oriented so when I see you’re video i pick you. Thanks for all the info you give out

  9. HI, Patrick! Thank you so much for your videos. I have questions: what is the best way to record all day trading transactions for tax purpose? Thanks!

  10. Uncle Sam is the only trader to take on zero risks and net 39% trading profits annually. Even Warren Buffett cannot match Uncle Sam’s success.

  11. Thank you for the video. i made some profit on a stock example 4,000.00 and sold it for a loss. I repurchased it and sold it several times not knowing the wash sale rule. In the end I had a loss each time and now I have $0 in that stock. Since the wash sale was applied like 3/4 times and I lost it all do I still owe taxes?

  12. Another thing to consider: If you start making a lot, you must pay your taxes quarterly. If you owe too much at the end of the year, the IRS will tag on a HUGE penalty.

  13. Simple solution. The trader simply has to elect the 475 MTM option on his tax return, and then his gains and losses will be treated equally as income or losses, and the losses will not be subject to the wash rule. A must for all day traders.

  14. Hey got a question.. If you qualify for Trader status and do m2m election and establish your trading business as sole prop… do you have to pay SE tax?

  15. Question> If you are qualify as a “day trader” according to the IRS rules. You already said you don’t have to pay self employment tax and there any other taxes you have to pay vs being a investor??? Do you have to create a company (sole proprietor, LLC, ….) ??? Or is it just filling out forms on the tax return??? If you really qualify to be a day trader are there any tax down side or is it all upside.

  16. this needs more views! I see trading as a business. This is definitely part of risk management and something that needs to be known for people thinking about day trading full-time. Uncle Sam WANTS YOU lol thanks Patrick!


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