Hi I am a rookie/part time day trader who began trading this year. I had a question about tax filing with regards to Futures Trading.
Over the year so far I have took a $500 loss on my account. I have read from various online sites that for a beginner, a Capital Gains/Loss reporting would be the best. However I was wondering if the Superficial Loss rule would be in play with Futures? The rule being if you buy back a security within 30 days of a loss. Since with futures day trading I am constantly buying and selling say Gold contracts, would most of my losses be Superficial since I am usually buying them back before the 30day period?
Any advice would really be appreciated.
Over the year so far I have took a $500 loss on my account. I have read from various online sites that for a beginner, a Capital Gains/Loss reporting would be the best. However I was wondering if the Superficial Loss rule would be in play with Futures? The rule being if you buy back a security within 30 days of a loss. Since with futures day trading I am constantly buying and selling say Gold contracts, would most of my losses be Superficial since I am usually buying them back before the 30day period?
Any advice would really be appreciated.
