Day trader taxes

[theaznshumai]

I'm kinda new to stock trading and was wondering what forms of taxes are there on day trader beside the taxes inflicted by capital gains. Are there other taxes involved for short term traders and is there like a calculable max percentage Uncle Sam takes? Any help on this is appreciated.

[777twist]

I don't know about extra taxes... but I asked my broker about this, and they said you have to have 25,000 in your account to do day trading. And if you don't and do more than 4 "round-trip" buy/sell's within a 5 day period, you will be classified as a day trader and your account will be locked until your account level reaches the 25,000 level. Actually, I think it's locked just for future buys...I think you can still sell.

Hope that helps a little...not really the answer to your question, but I figured if you didn't know this, it could help.