IRS, Tax related strategies--Traders Message Board

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

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To: Susan Saline who wrote (229)	3/16/1998 9:35:00 AM
From: mod	Read Replies (1) of 1383

<<you may only claim a loss on schedule C for 2 out of 5 yrs. Otherwise your business is considered a hobby. Is this correct?>> No. You can claim losses on Schedule C forever as a trader (I'm on my 7th year of losses). I attach a statement to the effect "electing trader status, income reported on Schedule D" to the Schedule C. So long as your total of Schedule C and D is positive, you shouldn't have a problem, for this reason. Dennis

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