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: Stan Harrison who wrote (446)	1/14/1998 9:55:00 PM
From: Colin Cody	Read Replies (2) of 5810

Stan, Welcome to S.I.!! Here's my thoughts about you questions... . >"Do you show each and every transaction >on a supporting schedule for Schedule D? YES . >It's my understanding that if the income is >reported on Schedule C, there WILL be Self >Employment Tax YES, if the income belongs on Sch C. A TRADER does not report sales revenues from securities trading on Sch C though. . >whereas if the income is reported as a capital >gain on Schedule D there will NOT be self employment tax. CORRECT . >However, if the sales are reported on Schedule D, it's my >understanding that they would have to be listed individually. YES . >That's not a problem thanks to my computer program but I'm just >trying to find out if my understanding is correct. YES, make sure your computer print-out follows the IRS schedule D layout for description, dates and $ amounts . Colin

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