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: Peter Singleton who wrote (380)	1/4/1998 11:06:00 AM
From: Colin Cody	Read Replies (3) of 5810

Peter, IMO your method is OK to a point. One thing an agent SHOULD do is trace to the source of funds used to BUY that particular security, and if THOSE funds were margin loans, he SHOULD then RECLASS that amount from investment debt to personal debt IMO. If he did I think you may still be able to agrue the point a bit, but it would be better to just be more careful up front. . Such as only withdrawing THE PROFIT from a sale. That way the cost portion would revert back to repaying the original borrowings. . You might start always withdrawing all PROFITS on the settlement day, and transferring to personal funds. Yes you margin balance will be higher, but you might stand up better in audit. An agent might also look at this ploy and ask how you'll ever make up "losses" in you always withdraw each profit. . When you have more than adequate personal funds available, you might make margin debt repayments from there... . Colin

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