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Strategies & Market Trends : IRS, Tax related strategies--Traders
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To: Colin Cody who wrote (254)3/24/1998 5:22:00 PM
From: Robert A. Green, CPA  Read Replies (2) of 1383
 
Colin, I do not have a cite or other specific tax reporting reference for my "theory" of reporting ordinary mark to market trading losses on Schedule C.

This is my own idea of tax reporting based on my interpretation of the new 1997-tax law. It makes sense. Trading capital gains and losses from realized positions are reported on Schedule D. Trading ordinary business expenses are reported on Schedule C. A trader's Schedules D and C are related for their trading activity. So it makes sense to report the ordinary losses on Schedule C.

I stated in a prior post that I agreed with you in your statement that Congress might not have intended this effect on reporting in the new law. However, I believe that at this time the filing position is justified. I also pointed out earlier that most taxpayers should not take this trading loss position on Schedule C and claim a refund. Rather they should consult with a tax professional first.

As a matter of the thread record, I am a duly licensed CPA in the State of New York. I have been preparing tax returns for wealthy clients (including Wall Street professionals, traders, commodity trading advisors and others) since 1978 and in my own firm since 1983. I have an excellent track record with my clients and the IRS.
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