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Strategies & Market Trends : IRS, Tax related strategies--Traders
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To: mod who wrote (720)2/14/1999 10:05:00 PM
From: robbie  Read Replies (1) of 1383
 
mod, I'll try one more time. Traders (or any other person in a trade or business) may deduct their expenses in excess of their income, and report a loss. However, to elect to expense certain capital expenditures (such as equipment - computers, etc.), rather than capitalize and depreciate them, you must have income to offset the Section 179 expense deduction. You must have income from self-employment, or wages, to offset a loss created by the Section 179 deduction. Otherwise, you must capitalize and depreciate. You can report a loss from trading - sure - and deduct all of your expenses, you just can't expense capital items such as a computer unless you have income to offset the expense. I've said it every way I know how.

Robbie
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