IRS, Tax related strategies--Traders Message Board

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

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To: RookieTrader who wrote (446)	8/19/1998 1:39:00 AM
From: RookieTrader	Read Replies (1) of 1383

Schd C questions.... Ok let's assume that I qualify for "trader status". And I am going to put all of my trades on Schd D and I end up with a gain of $5000. Next assume that I have Margin Interest cost or expense of $300 for the year. And then finally assume that I have $500 in other expenses such as internet, subscriptions to SI TSC etc, a real time data feed. Let's leave out a computer or home office. So anyway, bottom line I have these costs. Where and how do I put them? I assume from all the posts and from what TSC and ted tesser says...that I put them on Schd C. Can some one give a line by line view of how Schd C would be filled out? Next... What if I have a net loss exceeding $3000? How do I get that on 1040 when Schd D only lets me do 3000? next... Back to this Schd C thing. Isn't always claiming a loss on Schd C going to red flag me for an audit. Well...I know it is!!! But is it legal this way? WHY & according to who? THANKS!!! Smart_trader98@hotmail.com

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