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July 1, 2024
Question

1099 and long/short term capital gains

  • July 1, 2024
  • 1 reply
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I've come across long and short term capital gains bracket posted on your website. Can I assume it applies to me without obtaining the TTS status? I am 1099 and I trade stocks

1 reply

Employee
July 1, 2024

Yes, the brackets are applicable to you even without Trader Status, which would only allow you to deduct certain business expenses related to trading.

 

That would change, however, if you make a MTM election.

 

See https://www.irs.gov/taxtopics/tc429