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

To: DSPetry who wrote (806)	4/14/1999 3:36:00 PM
From: k.ramesh	Respond to of 1383

Here's some humor to help you through it. ------------------------------------- A businessman on his deathbed called his friend and said, "Bill, I want you to promise me that when I die you will have my remains cremated." "And what," his friend asked, "do you want me to do with your ashes?" The businessman said, "Just put them in an envelope and mail them to the Internal Revenue Service, and write on the envelope, 'Now you have everything'." ------------------------------------- I just heard the most marvelous rumor of them all... that Form 1040 has been found to cause cancer in laboratory rats! ------------------------------------- A new arrival, about to enter a hospital, saw two white-coated doctors searching through the flower beds. "Excuse me," he said, "have you lost something?" "No," replied one of the doctors. "We're doing a heart transplant for an income-tax inspector and need to find a suitable stone." ------------------------------------- Called in for an audit, the young man was confronted by a surly IRS agent. "It says here, Mr. Briggs, that you are a bachelor, and yet you claim a dependent son. Surely this must be a mistake...?" Looking him straight in the eye, Mr. Briggs replied, "Yup, it surely was." ------------------------------------- Intaxication: Euphoria at getting a refund from the IRS, which lasts until you realize it was your money to start with. ***************************************************

To: DSPetry who wrote (806)	4/17/1999 3:43:00 PM
From: Nelson Chang	Read Replies (1) \| Respond to of 1383

>>>The CPA on there said you can deduct all of your commissions on your annual trades.... Is this done seperately, or figured into the profit/loss of the trade? Dave<<< This is a very important question. On the Schedule D, profit/loss is after taking into account sale, cost basis, AND commision (broker, SEC, etc.). So from the profit/loss gain standpoint it has been taken into account. However, this could also be seen as a trading expense. In which case, traders could use it to offset income from cap gains. Colin, could you please address this? Thanks.