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

To: Adivino who wrote (312)	5/23/1998 2:34:00 PM
From: Colin Cody	Read Replies (2) \| Respond to of 1383

Prospector, Yes the items you listed are mostly legit DEDUCTIONS. (there are limitation on attending stockholders' meetings) As an INVESTOR they go on Schedule A, line 22 and the Computer or other required ASSETS (like oh, maybe that Mercedes you "need" to get to the Library and your Brokerage's Office) go on a Depreciation Schedule. Sch A, of course, has three limitations to overcome before you get any tax reductions: First you need to have enough to exceed the Standard Deduction, then you need enough to exceed 2% of your AGI, and if you've made enough in a given year, you are limited by a 3% of AGI elimination too. If you qualify as a TRADER (which I don't see that you currently qualify, but that could change) then they all go on Sch C, and the Computer can be expensed there as well. This also has the effect of reducing your AGI, which might help your other Sch A deductions somewhat. Colin