Hi Durango Kid: The general rule is that net capital losses (after offsetting against your net capital gains) are limited for a noncorporate...
In another thread, we had a very robust discussion on where a proprietary trader should take excess expenses that were not reflected on the K-1...
The short answer is that you get taxed on the net, i.e., what they pay you. Enter all the figures from the K-1 in the blocks on your individual...
You need to consult an international tax law expert. The general rule, as I understand it, is that the worldwide income of a U.S. citizen is...
I agree. Unfortunately, they do not receive the favorable tax treatment of section 1256 contracts.
I think icarus618 gave a very thoughtful and extensive answer, and I agree with it. I will comment that the net capital gain would be taxed at 5%...
This question invokes a lot of issues, any one of which could be the subject of a book or seminar on its own. First, it is possible for a...
The important thing is that this transaction needs to be a "direct rollover" [also known as a "direct trustee-to-trustee" rollover] in order to...
Hi Joey: I'm not sure I fully understand your question, but let me take this stab: The tax rules, including deductions, are the same for a...
To all Forum participants: You will recall the controversy I created last week when I posted my "Schedule C" answer, and was immediately met...
Hi SethArb: The general rule is set forth in IRC Section 162(f), which says, "No deduction shall be allowed . . . for any fine or similar...
Dear GMS: I don't have time right now to scrutinize the tax form, but the netting of capital gains is based on definitions set out in Code...
Dear Hype: I agree with the answer posted by Vhehn. The general rule on capital losses is that you first offset them against capital gain (and...
I've noted the responses to my original "Schedule C" posting. I posted that response after consulting with a knowledgeable, experienced CPA who...
I've noted some of the prior postings, and I want to chime in with my comments. I disagree with the answers that say the additional expenses not...
There are a number of reasons why trading through entities may be a better way to go for some traders. I note the following: 1. Maximize your...
Dear Gordon: Unfortunately, charitable deductions do not reduce tax dollar-for-dollar. If they did, they would be "tax credits" rather than...
Hi Zap777: This question does not really present a tax issue, rather it is a legal question--more specifically, these facts present "contracts"...
Dear gerritan: The answer to your question is purely a function of international tax treaty. In the absence of such a treaty, each sovereign...
Dear illiquid: Fascinating question! My answer is that your idea will not work. The Code does not give the taxpayer any discretion as to...
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