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If you setup yourself up as a "trader", you are right that you don't have to worry the complication of tax. However, for a part time trader or newbie, if you haven't define and understand the strategy of taxation, I am sure you would get hit with a big tax bill. Because you could not deduct...

Let me be more specific, I trade some option spreads on AAPL (Apple) I also traded some IRON conder on GS. They are not future or index. Does 1256 apply to me?

I tried to read through his website. Could I still setup an identity and elect MTM for this year's tax?

Hi there, I am a beginner of option trading I have made some put and call spreads on a stock within 30 days period. I know it is too late to elect Mark-to-Market for this year. I want to understand my tax liability. However, I am lost on the topic. Could someone recommend some good books...