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Tax Guy: Want to be a day trader? Read this first

Thinking about becoming a day trader? More power to you. If the stock market’s performance over the past few years hasn’t scared you away from the idea, then you just might have the nerve that job requires.

Essentially, achieving trader status confers many more tax benefits than simple active investorhood. Of course, it also comes with the inherent financial risks of being a trader. In this column, I’ll go into more detail on what it takes to meet the tax-law definition of a “trader” and what happens if you do.

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