Brokerages are not US Income tax advsors. Further, the advertising by Brokerages is governed by the SEC, not the IRS. It would not necessarily...
The evidence is found in U.S. statutary law (TITLE 26--Internal Revenue Code) as follows, which your tax attorney can opine on how it might apply...
Jack of All Trades - Master of None
The tax form itself does not actually identify if you owe self-employment taxes, per se. (though it implies if you do or not) The 1099-B only...
A K-1 is issued to an owner/investor in the entity. A 1099-MISC is issued to a subcontractor of the entity. A 1099-B is appropraite for...
Series 7 and Series 63 securities examinations are not much of a hassel :)
Most any CPA would be able to devise a plan for you. And a CPA (or EA or other tax pro) should be involved with the complexities that you described.
The trick is to have a pure-play entity to do the trading through, and that entity pays earned income to the owner for services rendered with...
For something like what you've described some people might do a Partnership, much like an "investment club." Others might prefer a little more...
For 2004 IB improved slightly, 2005 hopefully will see further improvement. You can cut and past the IB HTML page into Excel and run totals as...
A LLC that keeps strict separation of LLC activity from personal matters would be a good way to start. Then having a CPA firm audit you. If you...
Wow, 2,000 pages with say 50 lines per page if you used large type is 100,000+ sells per year! I can see why you like your method. I did not...
Series 7 has nothing at all to do with trader status or the separate mark-to-market. I'd suggest that there are far, far more people with a...
You are lucky that you had good and TIMELY advice back then. Otherwise you were facing a financial disaster! Far too many people have not been...
It is not clear what happens to a valid securities trader M2M election when a trader in securities ceases to trade "temporarily" And it is even...
To clarify - the "built-in" carryback provision for Sec 1256 losses is only allowed against 1256 gains. If you HAD a valid Sec 475(f)(1) M2M...
kooltrader, It is not simply a matter putting a number on line #13 vs. line #12. The values on these lines tie into amounts on Sch C and Sch D,...
If you reported your trading net gain on a sch C, then you did not file your "profit as gain capital." "Capital gain" does not go on a Sch C....
It is a fact that if you do not qualify for trader status but instead are investor status, then you do not use Sec 475 M2M, and therefore your net...
I agree. The trader's M2M election is automatic, they do not "accept it" or "reject it" per se. That's why it is imperitive to use certified...
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