FAO MF - Day trading question

[AtW]

Don't ask MF in his pork belly future

FTFY

[greenlake]

I just wanted to double check with you that as a day Trader you say that you get taxed as income tax and not capital gains tax. I wanted to ask whether the income tax you pay at the end of the year is on the NET gains made OR on GROSS gains that you made?

The key to minimising the taxes you owe is to avoid landing on the wrong squares....

[alexburdyga]

I paid income tax on the total amount of profit made at the end of the year, so basically after trading costs & as a total.

This year, as it's not quick trades, it's on Capital Gains.

HTH

MF

Thank you for the repply MarillionFan, it is much appreciated.

Sorry to be a bother, but i'm a bit confused by the answer and I would like to be 100% sure that I understand you correctly.

When you say total amount of Profit, do you mean the net gain in Profit (so the sum of all the losses and gains combined together to a single number...... which if it turns out to be a positive number is then taxed)?

Or you are taxed on the total sum of all the winning trades (regardless of the cost of all the losing trades)?

And finally to confirm that you can subtract the commision and the spread costs from the total gains made?

Cheers,
Alex

[Martin Scroatman]

Did you really register with your real name ?

Luv your paper on persistent PKA signalling at the outer mitochondrial membrane of cardiac myocytes. btw exciting stuff

Im guessing the ga suffix means he's posting from the Peach State.