Find solution
Must I declare my profits from FX trading for tax purposes?

Is day trading at home considered a home business for tax purposes?

  • What are some tax advantages of day trading.

  • Answer:

    You really really need to talk to a professional tax accountant about day trading. Not doing so can cost you a lot of money you might not have to pay otherwise. Thinking you know the rules about it can get you in to a heap of trouble and get you audited. It is better than it used to be. I don't think you have to worry about wash sales any more and they are a lot more lenient than they used to be by not taking each transaction separately as they used to do. My understanding is that the home office rules are easier now. If you have always done it yourself, once you see the difference, you will not do it again by yourself.

Obamanat... at Yahoo! Answers Visit the source

Was this solution helpful to you?

Other answers

You are a day trader? In order to be a day trader you have to have a large amount of trades. A minimum of 600 -1000 for the year. You must spend a substantial part of your day trading and preparing trades. If you have a W2 fulltime wage earning job you will not pass the test as a daytrader. Did you elect mark to market on your tax return for this year?

travelguruette

Yes but you need to realize the IRS audits all returns listing a home office. there are no tax advantages to day trading

Ariaread

Related Q & A:

Just Added Q & A:

Find solution

For every problem there is a solution! Proved by Solucija.

  • Got an issue and looking for advice?

  • Ask Solucija to search every corner of the Web for help.

  • Get workable solutions and helpful tips in a moment.

Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.