I had a question about Futures Trading Taxes. As a rookie trader, this is my first year day trading part time. Overall for the year I have took about a $500 loss on my account. Basically I would just like to get some input on the best way to go about filing my taxes for next year with regards to trading. I have been told a Capital Gains/Loss would be the best way to go for a new trader. reading the Canadian CRA It also states that speculators may file a capital gains/loss.
The only thing confusing me with this is the Superficial Loss rule. It states buying back a security within 30 days of a loss, will cancel out that loss. So as a day trading, I am constantly buying/selling say gold contracts, so would all of my losses be pretty much be canceled out if I took a trade within 30 days from my loss?
Please repost your question in The Tax Thread if it isn't answered there already. I am closing this thread to prevent a split topic.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
If you want to support our community, become an Elite Member.