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

To: Kaye Thomas who wrote (1572)	12/8/1998 11:50:00 PM
From: QuietWon	Respond to of 5810

Thanks, Kaye - hopefully no surprises on early exercise/assignment

To: Kaye Thomas who wrote (1572)	12/9/1998 5:24:00 PM
From: Jason Rooks	Read Replies (1) \| Respond to of 5810

Kaye and Colin, I had a real estate sale fall through recently. The buyer has forfeited the deposit. We are signing a new contract to close in March 1999. I know the capital gains tax will be withheld in Canada in connection with the closing. However, how does one classify the deposit money (10,000 CD) for 1998? Ordinary income? Thanks in advance, Jason

To: Kaye Thomas who wrote (1572)	12/11/1998 10:46:00 AM
From: bruce bell	Read Replies (1) \| Respond to of 5810

Kaye, Your web site states that as an "trader" you can only write off only $3000 per year. Should that be as a investor? I think you should be able to write off all marked to market plus any other traders losses along with your investor's losses. You also site that you report all "traders' profits" as capital gains. This is reported as earning or losses as small business do. Are your these statement correct with the 1998 IRs rules? If anyone can add to the answers, please do!! Bruce