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

To: Moe who wrote (867)3/31/1998 10:31:00 PM
From: Colin Cody  Read Replies (1) | Respond to of 5810
 
Moe, while you have some really good questions, they do tell us that you should not be preparing your own form 1040 as a Trader. Filing with Trader Status is INFINENTLY more complex than the level of items you are asking about here.
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The ODDS of audit, filing as a Trader on your own are VERY GREAT. The ODDS of getting through such an audit are just over nil...
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To answer one of your questions: The TRADE DATE is the date that counts. The SETTLEMENT date is of no concern.
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Don't get fooled into thinking TRADER STATUS is all glory. It is GREAT for some. It is worthless for others. WHY do you feel Trader Status is for you?
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Colin



To: Moe who wrote (867)4/1/1998 6:16:00 PM
From: RealMuLan  Read Replies (1) | Respond to of 5810
 
<<If a trade is made on Dec 31, and settlement date is in the next year, which year does the trade apply to?

Depends on it was a buy or sell. Sell reported on trade day, and buy reported on settlement day. So I was told. Please double check.


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