Taxpayers who wish to utilize the mark-to-market election for their trading activities need to make this election no later than April 15, 2010, to be valid for the 2010 tax year.
It is made by attaching an election statement to your 2009 tax return. If you are filing later than this date with an extension, be sure to attach the statement to the extension so that this election is not missed for 2010 taxes. Many active stock traders come out ahead in taxes by making this election.
Showing posts with label Stocks. Show all posts
Showing posts with label Stocks. Show all posts
Friday, October 2, 2009
Monday, June 1, 2009
June Tax Tip
If you are selling stocks or other securities to claim the tax loss, remember the wash sale rules. These rules require you to wait for more than 30 days before you buy back the stock or you will lose the loss deduction.
The wash sale rule does not apply to mutual funds as long as you buy a completely different fund (it can be similar as long as it is not the same). Also, these rules do not apply to gains (you can repurchase the same stock as long as you have a gain).
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