New IRS schedule D requirements

Discussion in 'Professional Trading' started by kowboy, Jan 7, 2006.

  1. emd

    emd

    by the way, I'm a CPA myself and know this is totally
    unnecessary.......
     
    #41     Jan 19, 2006
  2. Norp

    Norp

    What if you don't file with "Trader Status" ?

    Can you just use a "summary" then or do you still have to account for every trade?

    thanks
     
    #42     Jan 19, 2006
  3. Ebo

    Ebo

    YM as any other futures are 1256 contracts, and are filed as one net amount. I guess you never filed before?
     
    #43     Jan 19, 2006
  4. are we still talking about this ?

    Clearly the answer is no. Your responsibility is to pay the taxes you owe and as long as you do that you are OK. If a nonsensical requirement comes along - or discussion of a situation that clearly is unreasonable - then you just ignore it and pay your tax. If and when someone comes back asking for all the details then you can supply them - on tape or disk if necessary.
     
    #44     Jan 19, 2006