How day-traders taxed w/out MTM?

Discussion in 'Taxes and Accounting' started by jimclark, Jul 26, 2007.

  1. It was probably asked a million times but don't see exact answer to this question:

    -Assume I made $10,000 from trading in 2007 (short-term trades)

    -Assume I made $20,000 from my day-job, I do elect MTM due to my day job.

    How will I a be taxed on $10,000 day-trading income?

    Is it just added to my day-job income of $20,000 making my annual taxable income $30,000 or....$10K taxed seperately at different rate and term?

  2. $30,000 taxable.
  3. $30,000 tax as ordninary earned income???