Recent content by sleepwell!

Hi Everyone, I have trader tax status (TTS) and promptly did my 475 election in the past. Does anyone know which IRS form I should fill out, in order to carry over this tax year's (2018) trading loss to the next tax year (2019)? I read it somewhere (now I can't find it) that this can be done...

After you tell/apply to IRS that you want MTM accounting, do they ever reply to you that your application is successful or not? Or, you are in the dark and have to wait until next year's tax refund result and figure out you did/did not pass? Thanks!!

Forgot to mention that, I decided to trust the 1099 form my broker gave me. I do not want to do any further calculation/correction. So probably software like tradelog is overkill. I just need a software to populate the 8949 form for me. Also, the first thing pops up from a google search is...

I am a trader. When filing taxes, I used to use Turbotax to import my 1099 from the clearing firm. This year is different for me. I have thousands of line entries in my 1099. This is beyond Turbotax's 2000 line limit. Also my trading amount (cost and proceed) is beyond it's $10M limit. When I...

vanzandt, Would you say if I do this, it will also be permitted? Let's say I accumulated $7500 in a day, and desperately want to get rid of all $7500 by the end of the day. (31) Buy $5000 of A Buy $2500 of A Sell $5000 of A Buy $2500 of A Sell $5000 of A Two trips (as defined by how much I...

Thanks everyone for the input. I am well aware of the relevant definitions and regulations. The issue is, in reality, how they are normally interpreted and executed by brokers. The other issue is, the online articles you read often do not give elaborate examples to reflect traders' real-world...

That's not true at all. Even if I have one billion, thanks to various regulations and rules, I still can not trade unlimited in terms of amount. I think I might need to clarify a little: If you have <$25k and you day trade too many times, you get restricted. But if you have >$25k, and day...

Yes as I initially stated, the account is above 25K.

To vanzandt: Thanks for catching the contradiction. I have $5k DTBP (but not $25k x 4=100k), for example, usually because I also have other overnight holdings, thus reducing the DTBP like you said. I should not have said I have zero stocks at the start of the day in my assumption. I should...

Thanks, but I am not asking about how to count the "number of day trades" or round-trip trades. I think I know how to count that. I am asking how not to trip (or use up) the $5k limit and have the broker limit my trading activity. Allow me to elaborate a little. Since I only have $5k trading...

Hi, I'd like to learn more about day trade call. I have day traded a number of times (buy and then one sell once in a day), but I believe by doing that only once per day, I have not exploit its full potential. If I have $5000 day trading power, which ones of the examples below will trigger a...