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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: MythMan who wrote (94321)4/15/2001 1:58:12 PM
From: KeepItSimple  Read Replies (1) of 436258
 
>allow more than $3K a year to be deducted.

The 3k deduction limit is there for one reason only: it keeps people from claiming huge capital losses that may be less than genuine. Investigating all such claims would take an eternity- the IRS functions due to fear and intimidation rather than actual omnipotent abilities.

Setting the limit at 3k allows them to simply deny any claims above 3k, no matter if the losses are legitimate or not. Apparently they decided determining the legitmitacy of those claims would be an impossible task.

Of course, as long as we're in a bull market, nobody cared, since everyone was making money and didn't have capital losses.

HO HO HO! Anyone with a clue would start their own business or register as a trader- the 3k limit doesnt apply to either.
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