Taxes questions

Hello community, I am doing day trading, and placing several orders a day (some with losses some with gains). I place in average more than 20 orders per day. Which is a hassle to manually report on Schedule D, what are you guys using to file taxes? Alpaca will issue a CSV file with all transactions, so I am unsure how that goes into tax preparation software and also, one more thing, I was reading that tax liability only applies to gains, so the losses are not deductible, which makes it worse for day trading as you may have a profit …but also losses, so if IRS only consider your gains and not the total gain, then we may end up paying more taxes that we actually made , any ideas? suggestions?

1 Like