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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Colin Cody who wrote (1713)3/28/1999 1:56:00 AM
From: Mr. Aloha  Read Replies (1) of 5810
 
If you actively trade within an IRA, do you need to keep track of each and every transaction like you do in a regular account?

If not, and if you can consistently make money trading actively, isn't this a strong argument for doing your active trading within your IRA (avoid tax hassles and short-term gains are tax-deferred or tax-free) and your long-term investments outside your IRA (preferential long-term capital gains treatment)?

Of course, the main assumption is that you can consistently make money trading actively (with the restrictions that you have within an IRA account -- no margin, no shorting, etc.), and not have to take many losses. This also assumes that you won't need that money until retirement (or whenever you start withdrawing from the IRA).

Thanks in advance for any advice...

Mr. Aloha
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