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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Box-By-The-Riviera™ who wrote (337)12/28/1997 4:41:00 PM
From: Greg Peckton  Read Replies (3) of 5810
 
Hello everybody,

1997 was my first year as a trader/investor and I lost
quite a bit if you look at the balance with the two
brokers I trade with. I was just going through the
past few posts on this thread and I get the impression
that I was supposed to save all the broker statements
for individual trades that I made. Is that correct?

I thought the statements were only for our reference
and we get a detailed 1040(not sure if the number is
correct) from the borker(s) at the end of the year
that we can use to apply for tax refund. I think I am
missing something here. If the sum total of all my
trades show a loss than that's a loss, right? It
does not really matter what I made/lost on each
individual trade - is my assumtion correct? I just
threw away the statements of all the lousy trades I
made and until this moment never thought those statements
would be of any consequence.

I am very confused and need help. Here's the complete
scenario : I lost nearly $21000 on all my trades (both
stock and option trades) starting from 01/05/1997 till
now and the $ balance in my accounts with brokers are
near $0. I paid $4000 in taxes through my new job starting
from 09/29/97 till now. What I was thinking of doing was
show the loss in my trading accounts (no individual
trades) and claim $3000 back for this year and carry
forward the rest of the loss for the year(s) to follow.

One last question : Am new to California; moved in from
the beautiful and the tax-free state of WA. Does my
state tax return look the exact same as the Federal
return? Thank you and a peaceful new year to you all.
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