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

To: robbie who wrote (710)	2/14/1999 1:27:00 PM
From: mod	Read Replies (1) \| Respond to of 1383

Traders never have any income on Schedule C, yet can deduct their expenses. My CPA has used Sec. 179 on my schedule C in the past, even though there is no net income on that schedule ever. Of course, my "business" in general is profitable, though the profits are reported on Schedule D. The limit you cite may prevent a Sec. 179 deduction if you have a net capital loss for the year, something I thankfully have no experience with. I tend not to bother with Sec. 179 anymore and just expense capital items on Schedule C. My theory is it shouldn't much matter to the IRS, as long as I am under the Sec. 179 limits, and it is easier for me. Doesn't change the tax due. In general, I believe that the IRS doesn't much care how the forms are filled out, as long as you pay them a lot of money every year, which I do. ;-)