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Gold/Mining/Energy : Day trading in Canada -- Ignore unavailable to you. Want to Upgrade?

To: Valiant who wrote (3023)	4/29/1999 8:11:00 AM
From: Buckey	Read Replies (2) \| Respond to of 4467

IMPORTANT**** TAX ISSUES on TRADING - I claim all trades as income - Not cap gains or losses. IF you claim cap gains and they audit you - IT WILL be chaged to income. at that time it is too late to likely get all your receipts together. I had a real cap gain in 1997 and my first daytrades were big cash gains. As I only traded a few times that year - I claimed them all as cap gains. WELL with all that cash I blew a bunch of it on dogs and took the losses in 1998 as well as some ugly Short term and daytrading losses. I got MD and RT on SW and got a bit smarter using stops etc and by the end of the year had widdled my losses down STILL daytrades and losses. I claimed that as personal income and claimed the expenses. It was actually a loss and was claimed against my other income. It was all allowed without an audit. ( no audit yet) tax return in the bank acct this morning - every last cent of it. They allowed the losses - No rememember I also demonstrated with my return that I was making money this year by providing them with my first 10 weeks of trading info. The key is reasonable expectation of profit. _ i assured them that I as not doing this to lose money. We have talked about this at length on both this and the other thread. I am not tax expert - getting better as now do taxes for about 8 family people including some real estate agents.. BUT if enough of you are interested I will post exactly what I did on my website in terms of filing ( i'll leave out the exact numbers of course)