Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: Colin Cody who wrote (3881)	8/5/2001 1:02:45 AM
From: Mark Davis	Read Replies (1) of 5810

I'm about to file my Y2000 tax return. (Extention up 8/15). I've elected to file as a Trader in Securities , itemizing various expenses on Sched C , and reporting trades on Sched D. I have NOT elected mark to market. The only problem I see, is the inability to write off Section 179 deductions, as there is no 'income' showing on the Sched C , and I had no other income in 2000 other than trading. This effectively forces the writeoff to carry forward. I saw one suggestion that 'some' trading profit be funneled to Sched C along with an explanation, but I don't want to complicate matters any further. Audit flag? Any suggestions on how to handle this?

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