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: Nasty P who wrote (79)	10/11/1997 11:47:00 AM
From: hpeace	of 5810

nasty, yes the oct 15th deadline is coming and I don't have my 1996 taxes in yet. they have a bunch or money but I don't know what the net sum is... I estimated it and think I send them about $500. if I'm trader status. hopiing that my 100 million is volume may justify this trader status and broker slips that are 1 foot high<ggggggggggg> any negatives to claiming trader status. Since schedule c mave have about 20,000 to 30000 of expenses if I include my trading office attached to my homw.. that will be huge negative and I can claim all this if my Schedule D has a bunch of gains. I not workied about the IRA stuff. but, the other stuff might be $500,000 gain this yr. I report that income and then can wwirtie off the schedule c negaitve of 30k???? I usually have a cpa do my taxes, but I didn't get things ready soooon enoguh this yr and this is the first yr of trader status.. nect yr I'll get this to him..I hate doing taxes with a passion. I would rather put new brakes shoes on a car or get root canal than do taxes. Thread..I hope I don't get a bunch of flack over revealing the details here. Just trying to help everyone and myself too about this trader status.

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