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: Steve G. who wrote (512)	1/27/1998 2:02:00 PM
From: Box-By-The-Riviera™	Read Replies (1) of 5810

Steve..... it all depends..... number of trades consistent trading through the year few long term holds, if any 100% of income derived from trading doesn't hurt at this point.....the only advantage is to write off any related trading expenses on sched C.... vs. sched a income would still be reported on sched D but.... if you elect mark to market....then income goes on Sched C...but you will pay self emp taxes etc etc it's all a bit complicated......and only supported in part by tax court cases....not actually by IRS.....so the savings on sched c ought to be realllllly worth it to undertake this method IMO.... it will be hard....but you should find a GOOD cpa who knows what he is doing in this regard..... they are VERY hard to find....and some will pretend they know....but they absolutely do NOT know... be careful. Joel

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