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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Dan Duchardt who wrote (483)	1/20/1998 6:27:00 PM
From: Box-By-The-Riviera™	Respond to of 5810

no way..... even with trader status....there are wash sales.... only trader status plus mark to market eliminates wash sales... otherwise....wash sales would only be eliminated if you were a profession dealer/broker etc...i.e. market maker.... if he gets audited....it will all be found if they check date by date/trade by trade you wrote: I learned today from an experienced daytrader that it is a common practice to report only totals on Schedule D, and just say something like "Details available on request" instead of attaching riems of paper. It sounded to me like the the basis used to calculate gains was a broker's report to the daytader (not sent to the IRS) of purchases. I raised a question about "wash sales" and what I think I heard was that you can have a daytraders account, report everything as short term gains, and not worry about wash sales. This was NOT going the route of getting professional trader status. Have any of you heard about such a thing?

To: Dan Duchardt who wrote (483)	1/20/1998 8:01:00 PM
From: Colin Cody	Read Replies (1) \| Respond to of 5810

I agree with Joel. That's not to say you heard them wrong. I don't doubt that people report exactly as you have stated. That doesn't make it correct, though. . Saying "see attached" is quitre acceptable, BUT you should then attach that broker statement you mentioned. Penalty if you don't? I don't think there is one. But you might get audited for not providing required information. . Colin

To: Dan Duchardt who wrote (483)	1/20/1998 9:09:00 PM
From: Bob Miller	Read Replies (2) \| Respond to of 5810

Dan: I would never offer to furnish additional information, if requested. I think you would be asking them to request the additional info, and who knows what else. I have never had an agent who understood or raised the issue of "wash sales". I don't advocate civil disobedience, but with crime in the streets, global warming,and much political corruption, I would not spend much time searching though an active trader's tranactions looking for possible wash sales. Just my cynical opinion, Bob Miller