With 2021 probably being the most active retail trading year in history, I am genuinely curious how is the IRS going to track all of these meme traders transactions. More specifically if they are using multiple accounts/brokerages and creating wash sales on the daily, how does the IRS track this? Presumably they have to have made money on some trades to make any meaningful impact, but I am still curious.
Basically I am thinking that almost none of these young meme stock traders are going to be calculating their wash sales by hand if they use multiple accounts/brokerages. So I think it's only going to get reported on taxes if it was done in a single brokerage and calculated for them. On top of that, I presume very few of them even know about what a wash sale is. So is lots of "accidental" tax fraud going to occur on 2021 taxes?
Submitted June 20, 2021 at 09:56AM by F_Finger https://ift.tt/3zI8JwI
