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To: IceShark who wrote (45501)12/8/2000 1:08:04 PM
From: rolatzi  Respond to of 436258
 
With regard to investment expenses, they are deducted on Schedule A (Form 1040) unless it is your business:
(From the IRS)

You can deduct certain other expenses as miscellaneous itemized deductions subject to the 2% of adjusted gross income limit. These are expenses you pay:

1.To produce or collect income that must be included in your gross income,
2.To manage, conserve, or maintain property held for producing such income,
or
3.To determine, contest, pay, or claim a refund of any tax.

You can deduct other expenses you pay for the purposes in (1) and (2) above only if they are reasonably and closely related to these purposes.



To: IceShark who wrote (45501)12/8/2000 1:18:35 PM
From: Nathan  Respond to of 436258
 
Thanks again.



To: IceShark who wrote (45501)12/8/2000 3:11:05 PM
From: Box-By-The-Riviera™  Respond to of 436258
 
only investment interest expense/commisions etc apply as deductions.... software and publications can only be applied of you meet the requirements of "trader" status....very hard to do if challenged into tax court....though many here probably meet the requirements....

also, trader status will allow you to apply mark to market rules which can be tax beneficial depending upon your position....

J