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

To: Colin Cody who wrote (1863)2/8/1999 8:14:00 PM
From: Richard Forsythe  Respond to of 5810
 
I think there is a question which has not been made clear. If I run up a $5000 margin interest charge over a year and have not made any deposits, sales or received dividends then that expense is not deductible. However, it is carried forward and can be accrued over the years to offset a future investment gain (in divs or cap gains).

Also, I am not sure that the interest can be deducted merely by depositing $5000 on Dec 31. As I understand it, it can ONLY be offset against profit from the investment -- which a $5000 deposit is not.

Richard



To: Colin Cody who wrote (1863)2/20/1999 2:08:00 PM
From: AS Hibbs  Read Replies (2) | Respond to of 5810
 
All Profits - Wow, I'm rich!

Well, Datek set me a 1099-B. Since I do mostly shorts, nearly every line shows the proceeds from the short sale, but never notes that I had to buy them back. This makes my net profit huge. Since the 1099-B does not show my purchases (only sales), is it safe to assume it is incorrect or do I need to come up with each and every buy myself and append them?

Thanks
Scott Hibbs


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