Day Trading

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  • My name is Fred and i am planning to trade (day trading) Index Futures (ES & YM) on behalf of my relatives and friends they have given me proper  Power of Attorney. For this act of mine i will be compensated, I am living in CA. I need to know if i am suppose to be register as CTA with State of California and SEC? What are the exemptions for both state of california and SEC?
  • I am working as a day trader from home trading forex (full time) and this is the only source of income for me. What should I do so that I have to pay the least possible tax? I am based in the UK.
  • I have two questions in my mind:-

1) Futures DAY trading, has a 60/40 split on long-term/short-term tax of which the 60% is long-term cap gains (even if traded in and out in one day). Is the above provision correct, it is hard to believe but this is what i find on the Internal revenue service dept site. Is there any hidden provision in there which i might not be getting correctly.

2) If, for the purposes of day trading, I purchase software and hardware would that be available as right offs (up to the maximum in the same tax year) against the income earned in DAY trading be it Long-term OR Short term?"

  • last year i entered into huge no. of  daytrading transactions (over 10,000), and am not able to import it into turbotax software. So far I've tried various software programs (For Eg. trademax) that will import into turbotax as txf file, But i am not sure about the accuracy of the reports it runs to import the data. What should i do, is there any way out?
  • I Want to enter into full time day trading, i''ve heard various things about various tax and percentage involved in this profession, i need to know what kind of taxes i would be responsible for. I would be day trading the s&p 500. Thanks, Jack


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