Well, I just did it two ways and there's a whopping $138 difference on my Schedule D. Probably a $3 difference on my tax return. I guess I only have to worry about an audit if the IRS finds out I voted for Romney. What a joke.
What's everyone drinking for tonight? It seems like a lot of people are celebrating St. Patty's day tonight.
I doubt I'll have any of the traditional Irish drinks (Guiness, Irish Car Bombs, etc.) outside of maybe a shot of Jamison. So far, I'm pre-gaming and have had a Bells Two Hearted Ale and Goose Island Honkers Ale. XT loves his midwestern brews... must be the lake water.
What a joke. There is literally nothing out there on the tax treatment for these products. I'm mainly talking about stuff like UVXY, DGAZ, DGLD, etc. What's worse is that Interactive Brokers just throws all of this #$%$ onto form 8949s on the forms that don't get sent to the IRS. So I've spent most of my day figuring out which products are commodities or futures based (1256 contracts), precious metals based, etc.
It gets even MORE confusing on s*** like the SPY or the IWM vs. the SPX or the RUT. There is NO CLEAR GUIDANCE on the tax treatment for the ETFs. I've done a lot of reading and it seems like people report IWM and SPY options using the 60/40 rule and others report them as traditional equities. #$%$??? Then there's the TNA, which again has no guidance in the prospectus but since it's swap based, I'm assuming it's subject to traditional short/long term gains. How are you guys handling this stuff?
This is only for full time traders? Do you know any good resources regarding this type of information? I'm a few years away but this is something I'd like to do going forward.
I imagine if you're a full-time trader, you end up saving a LOT of money by living in a state with no income tax. With that said, it seems to make sense to live in Florida, Tennessee, Texas, New Hampshire, Nevada, Alaska, Washington, Wyoming or South Dakota.
What is the reason some of you guys don't live in one of these states? For example, the board's self-proclaimed legendary trader, Market.Kibble, lives in Oregon, which has an absurdly high tax rate, of 9-9.9% for capital gains (further proving his fraud if you ask me). That is a significant amount of money if you are a full-time trader (and a plumber on the side just for kicks).
Anyway, when I retire in a few years and trade full time, I am planning on moving to Florida.
Gold will pull back and form an inverse H&S. Buy all you can at that point or buy tons of miners. I can't wait.
Since the actual day is on a Monday, there will be a lot of celebrating tonight. Who here plans on partying or drinking? I'm sure all the micks in Puddy's part of the country will be getting smashed tonight. Happy St. Patty's day everyone.
I don't remember the Yahoo boards back then but Yahoo was indeed a great portal at the time. It was well organized and easy to browse the internet. I think Yahoo funded a significant part of Google and had the opportunity to buy them outright but passed on it. I wonder why they did that although maybe it wasn't obvious Google would be the innovative company they have become back then.
I remember the awesome ranked Yahoo Pool games too and they managed to even screw that up. Yahoo WAS the internet back then and is a far cry from where they used to be.
Blacks need to realize that Barry is NOTHING LIKE THEM. Only the welfare queens still like Barry. He is the worst POTUS ever.
There is at least another 30% sharing a small place with friends. Even the people my age that I know (mid-late 20s) who own a place, rent it out. Barry is the biggest loser ever.
You can generally add a few partners for women and subtract a few from men and get closer to an average. I still go to college bars once in a while and would say that kissing 15 men is a VAST underestimate. Maybe it's the whole 80/20 rule though and the 80% are the good girls.
You give him too much credit. He's in fact an idiot and can't see an obvious way to make money.
There's my executions for today below. The ones that I didn't close expired. The DUST I wrote about below were for next week and I ended up closing at .66.
Selling DUST calls naked is the equivalent of being long miners. If GDX goes up, DUST goes down. It's a bullish position on miners.
SLD 1 NUGT, 20140314, 58, CALL, Option, NASDAQOM, USD 0.15 NASDAQOM(USD) 15:23:00 (GMT -4:00) 229423843 new
SLD 1 NUGT, 20140314, 58, CALL, Option, NASDAQOM, USD 0.15 NASDAQOM(USD) 15:22:47 (GMT -4:00) 229423841 new
BOT 6 DUST, 20140321, 17.5, CALL, Option, NASDAQBX, USD 0.66 NASDAQBX(USD) 15:20:08 (GMT -4:00) 1320354881 new
SLD 2 DUST, 20140314, 17, CALL, Option, AMEX, USD 0.30 AMEX(USD) 14:33:33 (GMT -4:00) 229423837 new
SLD 2 DUST, 20140314, 17, CALL, Option, NASDAQOM, USD 0.25 NASDAQOM(USD) 13:15:42 (GMT -4:00) 1320354884 new
SLD 2 DUST, 20140321, 17.5, CALL, Option, NASDAQOM, USD 0.75 NASDAQOM(USD) 12:02:19 (GMT -4:00) 1320354877 new
SLD 4 DUST, 20140321, 17.5, CALL, Option, AMEX, USD 0.75 AMEX(USD) 12:01:15 (GMT -4:00) 1320354875 new
BOT 4 NUGT, 20140314, 60, CALL, Option, MIAX, USD 0.05 MIAX(USD) 11:58:35 (GMT -4:00) 1320354869 new
SLD 4 NUGT, 20140314, 60, CALL, Option, BOX, USD 0.70 BOX(USD) 09:32:11 (GMT -4:00) 1320354865 new
Bump. Both were calls. I short calls on leveraged ETFs for obvious reasons. I didn't post a closed position because... THEY EXPIRED WORTHLESS as always.