Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Len who wrote (97)	2/19/1998 7:01:00 PM
From: Box-By-The-Riviera™	Read Replies (2) \| Respond to of 1383

you don't.... gain/losses still on sched d... expenses on sched C.... unless you apply mark to market.... then gain/losses turn into ordinary income and are placed on sched c.... and don't forget self employment tax etc. Joel

To: Len who wrote (97)	2/19/1998 9:15:00 PM
From: Colin Cody	Read Replies (2) \| Respond to of 1383

Len, Until the 1997 change in the law the answer was easy. YOU DON'T. A Trader NORMALLY reports stock transactions on Schedule D, regardless of what you may have read elsewhere. Others are just plain wrong. . BUT effective for trades after June 8, 1997 there is a new game in town which has caused MUCH CONFUSION and SPEULATION. . Part of the problem is Congress passes laws and they are neither Accountants, nor Mathematicians. There is a TECHNICAL CORRECTIONS BILL in the Senate right now (it passed the House) that will hopefully address SOME of the issues. BUT EVEN THAT BILL AS IT STANDS IS NOT COMPLETE. . So we are left with NON-Answers to many important questions to the 475(f) election. . Such an election will be BINDING ie.e it will last you the rest of your ever-lovin' LIFE... unless the Secretary of the treasury allows you to change. Other than this fact, there is as much BAD information out there as there is CONFUSION. . Again there are no hard and fast answers on this new Code section. . If you have something SPECIFIC and to the Point, ask me and I'll try to respond. . Colin