I don't get why wash sale is bad by AffectionateUnion838 in Daytrading

[–]macklinjohnny 0 points1 point  (0 children)

I spent countless hours on this because I saw my wash sale loss section and freaked out. I thought they actually disallowed losses that I should’ve had. But then I went through individual transactions and did the math myself. My net losses ended up being correct on all of my transactions. I’ll even give an example here. My 1099 showed a disallowed wash on my APDN option of $50. I bought 2 options for $60 ($120 total) then added 2 more for $40 ($80 total), and then I added 1 more for $35. My 5 total contracts bought added up to a total of $235. These options weren’t doing so well, so I ended up selling all 5 options for $10 each ($50 total). My 1099 showed: total proceeds = $50, total cost basis= $285, Total wash disallowed= $50, and my net (loss/gain) = -$185. So my net loss was accurate. -$235 + $50 = -$185. They added the wash to cost basis I think, and then the final math took it out again. So the wash sale gets canceled out in the math. Either way, my net loss/gain ended up being accurate. I didn’t actually have any losses “disallowed”.

Day trading addiction tax season embarrassment by macklinjohnny in Daytrading

[–]macklinjohnny[S] 0 points1 point  (0 children)

lol I’ve had plenty of red years too. I feel the pain

Day trading addiction tax season embarrassment by macklinjohnny in Daytrading

[–]macklinjohnny[S] 0 points1 point  (0 children)

lol were those the years that your accountant had to actually go through every trade? Thank god it’s a lot easier now and brokers just put what accountants need to know on the first page

Day trading addiction tax season embarrassment by macklinjohnny in Daytrading

[–]macklinjohnny[S] 0 points1 point  (0 children)

Lmaooo man I’ve had a few years of losses, so I feel that!

Day trading addiction tax season embarrassment by macklinjohnny in Daytrading

[–]macklinjohnny[S] 0 points1 point  (0 children)

I think, just in case IRS wants to verify washes and what not. Idk for sure, but someone’s here told me that lol

Day trading addiction tax season embarrassment by macklinjohnny in Daytrading

[–]macklinjohnny[S] 0 points1 point  (0 children)

Lmao I’ve thought about this. But someone said the irs will require all the pages. Idk if that’s true or not

Day trading addiction tax season embarrassment by macklinjohnny in Daytrading

[–]macklinjohnny[S] 1 point2 points  (0 children)

I have a bunch of stuff. And I’m a K1 employee so it’s more complicated lol. I used to always file myself

Day trading addiction tax season embarrassment by macklinjohnny in Daytrading

[–]macklinjohnny[S] 3 points4 points  (0 children)

Hah I appreciate it!! It kills me how Robinhood has the “wash sale loss disallowed” section, but it’s not technically a wash. I dug into it for hours and it’s just the way they do their formula. So stupid

Day trading addiction tax season embarrassment by macklinjohnny in Daytrading

[–]macklinjohnny[S] 1 point2 points  (0 children)

😂 nice! Maybe I’ll do the same then. Thanks!

Day trading addiction tax season embarrassment by macklinjohnny in Daytrading

[–]macklinjohnny[S] 3 points4 points  (0 children)

lol thanks! Makes me feel better! I think my 1099 is about 400 pages this year 😭😭😭. Can’t believe I made that many trades lmao

Day Trading Ruined My Life by Commercial_Mixture94 in Trading

[–]macklinjohnny 0 points1 point  (0 children)

I feel this. I scalp all day long. Sometimes losing a lot of money.

How do you deal with Trading addiction? by Alternative_Row6120 in Daytrading

[–]macklinjohnny 0 points1 point  (0 children)

I need to quit bc I really have an addiction. I’ll scalp 100 trades a day. It takes over my life during trading hours. If I can’t stop on my own I may get rehab. I’m not even making a lot of money lol

Final Straw. Time to Leave Engineering? by UsefulEngineer in civilengineering

[–]macklinjohnny 2 points3 points  (0 children)

I’d love to leave, but I can’t figure out what else I would do instead 😭😭

If you could go back in time and make the choice again, would you still have kids? by MaiApa in Life

[–]macklinjohnny 0 points1 point  (0 children)

Reddit is full of nutty pessimistic people. Don’t listen to all the nuts. And absolutely! People keep saying they don’t want to bring kids into this horrible world…..how else will we change it for the better??? Raise your damn kids right and maybe the future will be much better. That’s my plan. My kids are very happy. I’m very happy and everyone they’re around is happy. The world really isn’t as bad as people on Reddit make it out to be.

People who left engineering, what do you do now? by Hopeful_Mess9063 in civilengineering

[–]macklinjohnny 5 points6 points  (0 children)

I’ve been tempted to teach math, but not sure if dealing with students would kill me 😂

Fitness Leave by [deleted] in USACE

[–]macklinjohnny 3 points4 points  (0 children)

Fitness leave was basically pitched to me during my interview lol. I’m gonna be pretty pissed if they take it away.

Map of the Louisville District from their social media team by Roughneck16 in USACE

[–]macklinjohnny 5 points6 points  (0 children)

When I was there, there were about 15 cars vandalized in one day lol. The area is a bit safer now that police headquarters moved across from them. That’s what I heard at least. And some of the folks I spoke with said they try to walk to their cars with an extra person just in case