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

To: Colin Cody who wrote (164)2/25/1998 7:30:00 PM
From: Susan Saline  Read Replies (1) | Respond to of 1383
 
Gotcha

That's how I have been doing it, but I was always unsure, because the brokerage report never matched

Buy price + all comms = basis (cost)

Thanks, Sue



To: Colin Cody who wrote (164)2/25/1998 8:21:00 PM
From: Susan Saline  Read Replies (1) | Respond to of 1383
 
Since then (I don't know if the Law was changed) it is common practice to show the
Sales NET of commissions and the Purchase PLUS the buy-side commissions.

Would you please put this in English for this chart reading can't translate tax form jargon girl <ggg>

which line do comms go on?

I have been putting both (buy comms and sell comms) on line 1.e, (cost/basis)



To: Colin Cody who wrote (164)3/8/1998 2:31:00 PM
From: Jim Lou  Read Replies (2) | Respond to of 1383
 
Two questions:

1) If I had a loss of 10,000 in 1997, I can only have 3000 deducted from taxable income, is that correct?

2) About "carry over" of losses, losses in 1997 are allowed to carry over how many years into the future? Is there a limit there?

Thanks


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