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Strategies & Market Trends : IRS, Tax related strategies--Traders -- Ignore unavailable to you. Want to Upgrade?

To: Colin Cody who wrote (1318)3/29/2001 2:55:53 AM
From: CrazyRay  Read Replies (1) | Respond to of 1383
 
What is the correct procedure for reporting "Order Flow Rebate" proceeds. They were reported to me via 1099-misc. Any chance I can offset the net gain for the respective transaction?

Thanks, Ray



To: Colin Cody who wrote (1318)4/4/2001 9:07:39 AM
From: GHOST TRADER  Respond to of 1383
 
When you have a wash sale for taxes. Do you get to minus out the commission or do you have to just zero it out?????



To: Colin Cody who wrote (1318)4/5/2001 6:14:53 PM
From: Craig Bartels  Read Replies (1) | Respond to of 1383
 
Year 1999 was great year for me, filed as trader status, and paid an unreal amount in taxes. This year(2000), I also filed as trader status, but came in with some losses for the year. My tax consultant told me that I could only deduct the standard 2k(or is it 3k) in losses for the year? Is that correct? I don't see how it can be, I have to pay taxes on the entire amount in 1999, but can't take the losses back the next year??

Craig


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