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

To: RookieTrader who wrote (448)	8/19/1998 12:00:00 PM
From: Colin Cody	Read Replies (1) \| Respond to of 1383

What if I have a net loss exceeding $3000? How do I get that on 1040 when Schd D only lets me do 3000? A Trader is limited to 3,000 net capital loss per year. IF you were a bona-fide trader (not yet determined) you MIGHT have elected Sec 475 and that effectively raises the 3,000 loss limit. . <i?Isn't always [EVEN ONE YEAR, NOT NECESSARILY "ALWAYS"] claiming a loss on Schd C going to red flag me for an audit. YUP! Well...I know it is!!! But is it legal this way? YUP!!! WHY & according to who? The Courts have determined that Trader Status is legal. . Colin