IRS, Tax related strategies--Traders Message Board

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Strategies & Market Trends : IRS, Tax related strategies--Traders

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To: who wrote ()	6/18/1996 12:05:00 PM
From: Ray Snow	Read Replies (2) of 1383

Peter, I have had the IRS tell me Sch. C. I have filed 2 times as "trader" using Sch. C only and the NOL form to carry forward losses. I treat my "proceeds" as Cost of goods on C. However I recently saw the tax book for traders ,I think by Tess or Tesser or something, hes been on CNBC and he says use C for expenses and D for proceeds. There is the $3000 loss limit/year because its on D, but can carry forward. He says the IRS sees expenses as business expenses but the income or loss as capital. Therefore no self-employment tax. I also have a letter from IRS stating theres no 15.3%!! Curious what broker you use with 15-20/day. Im using Wealthweb 1-3 day Ray Snow

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