You can qualify for trader status and MTM and still have investment accounts that are segregated from your trading activities.
This is correct.
Not to be a jerk, but how does an application use more than 100% of your CPU?
As a followup, I think I am confusing myself here. I think I am thinking of the mark-to-market accounting election - you can't retroactively apply...
I seem to recall that you have to file for trader status for the following tax year - you cannot be retroactively apply it to previous tax years....
Dumping TurboTax seems to be a legitimate option. I did that many years ago for a similar problem. Whoever designed that software must not know...
They never responded to my application. Assuming my MTM application was successful (it has been more than 10 years ago that I submitted it), it...
Every year you have to qualify for trader tax status, i.e., every trading year's activity has to be enough to qualify. So if you are declaring MTM...
I completed the Qualified Dividends and Capital Gains Tax Worksheet for Form 1040, Line 44 and all of my qualified dividends were taxed at 15%. If...
The K-1 flows through to your personal taxes. For example, the 11C box (according to the instructions), flows through to Form 6781, line 1. These...
Since you did not realize your loss until 2018, the problem is that you have to pay the partnership activity taxes along the way. So if you have a...
I have never held these K-1s for long periods of time, so I do not understand why there would be a difference between Box L Current year increase...
Not a tax expert, but since you held the security from 2014 (and part of it from 2015), this means that you should have already received K-1s for...
Again, not a tax expert but if your K-1 has no tax implications for you at all (i.e., all the boxes are 0 in Part III, Lines 1-20), you can ignore it.
Isn't there an option to group all trades in the different categories (like covered, long-term) per brokerage? Maybe you can only use that in...
Yes, keep us updated of what happens with your situation. I'm sure other people would benefit from the information.
You might try and see if Tax Package Support will e-mail you your K-1s that you should have received for SVXY since 2012. Then you will have an...
Sorry to hear you got hurt by the Volpocalypse. The problem is that you *should* have received K-1s all along (since 2012). I am surprised that...
It doesn't matter if you designate certain shares to be sold at your broker when it comes to K-1s. All K-1s are interested in is the number of...
Separate names with a comma.