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The Finance professionals at ExpertsLand can answer your Day Trading questions like:
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?"
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