2020 was my first year daytrading and I had a 5,212 dollar loss overall. These are my figures.
My numbers from TD Ameritrade Proceeds: $5,176,232 Cost basis: $6,170,829 Wash sale disallowed: $989,385
Essentially I day traded TSLA and SPY contracts all year long (with minor trading of other stocks) and I closed out TSLA and SPY last day of december 2020 and only resumed trading on February 5. My first question is, did this essentially dissolve all the wash sales so I can actually deduct my losses for TSLA and SPY?
Other than trading, all my other sources of income this year earned me a combined ~$10,000, so I'm supposed to get a refund.
Secondly, I have not filed taxes yet. I tried e-filing on May 17 but IRS rejected my e-filing so I have to do it by mail. I requested for an extension via mail on May 18th (1 day after tax deadline). Will my late filing of taxes in any way prevent me from deducting my losses? Because I probably made around 125,000 in profits and had about 130,000 in losses, so if I can't deduct my losses, I will be on the hook for a very large sum of money in taxes.
Edit: Also, I have since been lucky enough to make back my 5,000 loss and more in 2021 and have since stopped day trading
Submitted May 21, 2021 at 12:23AM by tired- https://ift.tt/3yrC65P
