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How do day traders figure out taxes?
Posted on 1/19/21 at 8:47 am
Posted on 1/19/21 at 8:47 am
How do you keep track of your trading for the purposes of your taxes? Does your trading platform just save a record? Do you pay extra for this? Is there some software you link to?
3
Posted on 1/19/21 at 8:49 am to AndyJ
every trading platform issues gain/loss reports to the trader and to the IRS. there is literally nothing for the trader to do except enter on his/her tax return
Posted on 1/19/21 at 8:52 am to AndyJ
You log in and print your 1099 during tax time. It's part of the platform - no extra cost. They usually send an email.
Posted on 1/19/21 at 8:54 am to cgrand
Thanks guys. I had to sign up for a crypto tax platform so I want sure. I appreciate your input
Posted on 1/19/21 at 8:57 am to cgrand
Cgrand do you know if short term gains have to be filed quarterly? I’ve never made enough where I felt I needed to file quarterly but recent wins have changed that
Posted on 1/19/21 at 9:27 am to FinleyStreet
quote:
You log in and print your 1099 during tax time.
I just enter my credentials into turbo tax and boom downloaded and done. Usually in february
Posted on 1/19/21 at 9:31 am to Upperdecker
quote:
short term gains have to be filed quarterly? I’ve never made enough where I felt I needed to file quarterly but recent wins have changed that
If your all-in earnings are outpacing what you're withholding on your W2 then you need to start paying uncle Sam quarterly. You'll have to do the math to figure out what you owe.
Posted on 1/19/21 at 9:33 am to FinleyStreet
I never worry about it...the common misconception is that somehow I’m going to be upset making money and paying taxes.
Posted on 1/19/21 at 9:33 am to FinleyStreet
Thanks, this is what I was looking for
Posted on 1/19/21 at 9:49 am to PropofoLSU
quote:
never worry about it...the common misconception is that somehow I’m going to be upset making money and paying taxes.
Yeah I don't make enough in short term trades to worry about it either.
Just make sure if you are having a big year that you aren't falling into the category where you'll be penalized for underpayment.
Posted on 1/19/21 at 11:28 am to FinleyStreet
quote:
If your all-in earnings are outpacing what you're withholding on your W2 then you need to start paying uncle Sam quarterly.
correct
I’m carrying a pretty large cost basis gain right now but I don’t plan on exiting the positions any time soon so it will stay unrealized
If you are steady realizing in the year gains you need to be cognizant of your withholding
Posted on 1/19/21 at 11:54 am to AndyJ
The trading platform...mine being E-Trade will report to the IRS and have a record to download/print etc..to file with your returns. Use IRS Form 3115..
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