ilmscore | Don't Miss the Trader Tax Deadlines!!

Don't Miss the Trader Tax Deadlines!!

Published: 2025-01-20
Status: Available | Analyzed

Predictions from this Video

Total: 3
Correct: 0
Incorrect: 0
Pending: 3
Unrated: 0
Prediction
Topic
Status
A trader will never incur wash sales once they make a Mark-to-Market election, even if trading the same stock daily.
"you could trade the same stock every day for years and years and years and you will never have a wash sale once you make Marto Market election"
Trader Tax
Pending
A trader can write off an unlimited amount of trading losses against ordinary income and carry forward losses once they make a Mark-to-Market election, removing the $3,000 capital loss limit.
"you can write off an unlimited amount of loss against your income you're no longer limited to $3,000 in capital losses"
Trader Tax
Pending
Missing the April 15th deadline for Mark-to-Market election means a trader will still be subject to wash sales for that tax year; a late filing will only take effect in the subsequent tax year.
"if you don't get it in by the April 15th deadline then you've got to be thinking about wash sales for that entire year and you won't be able you could file late but it won't take effect until the next tax year"
Trader Tax
Pending