IRS, Tax related strategies--Traders Message Board

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Strategies & Market Trends : IRS, Tax related strategies--Traders

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To: Len who wrote (116)	2/20/1998 2:56:00 PM
From: Box-By-The-Riviera™	Read Replies (1) of 1383

that's the very problem of having to put your expenses on sched c and your stock gains/losses on sched d.... if you have tons of trading expense on sched c without income on sched c it will probably raise a red flag....... but, that's the way it's done.....if you want to avoid putting those expenses on sched A and have them be subject to the 2% rule. gains and losses other wise in your trading ONLY become ordinary if you elect mark to market ........ otherwise they stay on sched D and are subject to the $3000 loss limitation per tax year.... that means... in all of your trading for the entire year.....you never made money.....you lost money....and if you lost money then you can only take up to 3000 dollars against the rest of your income you report (such as salary from your job, interest, dividends etc)...anything over that you carry forward into the next year (s)...... It is the total LOSS...... not a trade or two that you may have lost.... it's what your whole year ended up looking like with all of your trades combined. Joel

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