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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: Esteban who wrote (44399)	4/13/2001 2:07:52 PM
From: Stoctrash	Read Replies (1) \| Respond to of 44573

Patrick could likely point you in the right direction but you might try here to see if there are any links about them evil taxes!! smotass.net

To: Esteban who wrote (44399)	4/13/2001 2:53:38 PM
From: Stoctrash	Read Replies (1) \| Respond to of 44573

more links here: futuresguide.com

To: Esteban who wrote (44399)	4/13/2001 4:38:12 PM
From: Chip McVickar	Read Replies (1) \| Respond to of 44573

Esteban, That's what I have an accountant for...! <smile> I cannot be any help, hopefully others might be...! Scott has done some work in this area, ask him..., and maybe your question is worthy enough to bring him out of retirement. But I'm afraid he's gone the way of Tom Trader, and is rocking on the same porch. I also believe that Stocks and Commodities had an article in the last years series based on the accounting differences between trading for a living and trading as past time. There are serious differences and a whole series of established accounting routines..., like forward quarterly payments that must be followed. In the end..., picking an accountant who is knowledgeable in the subtleties your concerned with would be the best direction in my estimation. Otherwise a mistake could be costly. Ciao, Chip

To: Esteban who wrote (44399)	4/13/2001 9:42:52 PM
From: OX	Read Replies (1) \| Respond to of 44573

there are a couple of tax threads here on SI... this subject has been discussed on one or both of them. have you elected traderstatus? if not, don't concern yourself w/ the Scd C deductions, SE tax, etc. nothing like waiting till the last minute to do this stuff, eh? :-)

To: Esteban who wrote (44399)	4/14/2001 10:11:29 AM
From: Chip McVickar	Read Replies (1) \| Respond to of 44573

Here's a Great Link on resources for fututres traders. futuresguide.com

To: Esteban who wrote (44399)	4/14/2001 8:11:58 PM
From: Andriy Turhovach	Read Replies (1) \| Respond to of 44573

Esteban -- In very general terms, use form 6781 to report commodity net gain or loss. Instead of listing each commodity trade as in Schedule for stock trades, you simply take the net gain/loss from your commodity broker 1099-B form and write it on your Form 6781. From there, you then write the Form 6781 net gain/loss on your Schedule D, Part 1, line 4 which is short-term gain from Form 6252 and short term gain or (loss) fromForms 4684, 6781, and 8824. Commodity gains/losses are treated as 60% long term/40% short term. See irs.gov Caveat: I am NOT an accountant so do double check all this. So far, it has worked for me, i.e. no late night knocks-on-the-door from Uncle's agents ;) Regards, Bo