2012 taxes from daytrading....shaking here

Do yourself a favor and use a CPA for tax prep. Money well spent and you will always save their fee and more by using a CPA. Plus there is a value to sleeping well at night that comes with their service.
 
Quote from jnbadger:

I had a problem many years ago where I had a tax bill on a gross of about $12mm (an actual bill from the IRS telling me how badly I had screwed up the previous year's returns), and I didn't even make money that year.

I called the IRS, And the person simply confirmed what I thought when she told me the gross sales is what is reported by the broker. It was up to me to report the offsetting buys. A local small town accountant and a couple hundred bucks made everything good.

And the wash sale rule didn't come into play at all.

Have a cocktail and relax.
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+1, it's not a wash-sale issue. It's gross proceeds as badger states.
 
Quote from clacy:

Do yourself a favor and use a CPA for tax prep. Money well spent and you will always save their fee and more by using a CPA. Plus there is a value to sleeping well at night that comes with their service.
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good advise,but its' not going to hurt to learn how things work. cause many CPA i've seen don't know s**t. specially when dealing with income solely from short term trading. after many f** returns and couple thousands dollars wasted on those morons, i've ended up doing it by myself and having cheap local guy just double check everything.
works for me. you need to know the taxes. CPA's might not know(or you might forget) about various credits,deductions etc.
 
Quote from clacy:

Do yourself a favor and use a CPA for tax prep. Money well spent and you will always save their fee and more by using a CPA. Plus there is a value to sleeping well at night that comes with their service.
More...

Ditto. I get a K-1 every year now, and I still use a CPA.
 
Quote from Bob111:

good advise,but its' not going to hurt to learn how things work. cause many CPA i've seen don't know s**t. specially when dealing with income solely from short term trading. after many f** returns and couple thousands dollars wasted on those morons, i've ended up doing it by myself and having cheap local guy just double check everything.
works for me. you need to know the taxes. CPA's might not know(or you might forget) about various credits,deductions etc.
More...

Very true, I recently had a CPA tell me that prior capital losses could only offset capital gains by $3k/year for each year they carried forward. Knowing the rule re: ordinary income, I asked him to clarify & he still maintained his position.

I shook his hand & rolled out ASAP.
 
This is why a wealth tax is a good idea. like 2% wealth tax per year for wealth above 50k.
capital gains tax is too complicated. I love not having a capital gains tax in my country :D
 
Thank you for all the responses I had a really rough night on Friday and didn't get out of bed until 3pm on Saturday to avoid being awake.

This is stemming from the fact that I made about 45k on HLF end of December then continued to trade it into January ultimately losing 77k on this symbol in its entirety.

I will be contacting an accountant who specializes in trading to weigh my options.
 
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