Sharck Soup Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Sharck Soup

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: djj who wrote (16237)	4/15/2001 1:08:58 AM
From: Bid Buster	of 37746

Tax form 3115 "application for change in accounting method" fill out the form and send it with this years taxes...you won't be able to take the write off this year, but you'll be able to next year. "a change in your method of accounting requires the consent of the commissioner and can not be revoked without the consent of the secretary" the IRS doesn't require a set number of trades to meet the requirement... but has stated.... "A business is generally an activity carried on for a livelihood or in good faith to make a profit. Rather than defined in the tax code, exactly what activities are considered business activities has long been the subject of court cases. The facts and circumstances of each case determine whether or not an activity is a trade or business. Basically, if your day trading activity goal is to profit from short-term swings in the market rather than from long-term capital appreciation of investments, and is expected to be your primary income for meeting your personal living expenses, i.e. you do not have another regular job, your trading activity might be a business."

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next