This is in the US. I started day trading officially in 2022. I submitted my tax forms to my tax guy, along with expenses (commissions, fees and a very modest amount of office supplies). He just sent me an email and said in order to be a day trader as a business I would have needed to submit a form first to the government.
As far as I understand, I am automatically considered a sole proprietor in any money making venture unless I file for an llc. It’s only the wash sale rule I need to be careful of unless I have submitted a certain form in advance.
Is my tax guy right about this?
submitted by /u/Educational-Can3343
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Title Of post: Taxes and DayTrading
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