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Strategies & Market Trends : Ask Vendit Off-Topic Questions
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To: rrufff who wrote (8264)5/1/2005 6:00:14 AM
From: John Carragher  Read Replies (2) of 8752
 
i believe if you keep records of purchases , make a note on date of sale what group you are selling on line with out broker. the irs will not be able to find fault. times change, we are in electronic age, i doubt any judge in tax court would rule with irs if you have records showing how you determined your sales and have documentation.

Now i doubt it would ever get to tax court. any tax investigator after reviewing your details should stop the inquiry. imo

But you all trade the way you prefer the above is not tax advice just my opinion nor do i support you if irs wins. g meanwhile i would not pay for a broker to avoid the tax ruling. Why not write to the irs, explain what you intend to do , what records you will be keeping and see if they have a problem. I really never have this problem as my buy and sell are mostly clean.

I doubt this would apply to folks who are active traders. The key to any tax audit is have good records.
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