I have an extention till October 15th to file my 2006 return. 2006 was a losing year for me as was 2005. In both years I traded stocks at a prop firm (so I have a K-1). I also traded stocks and futures. My question is how much loss can I carry forward. I haven't elected mark to market accounting. Stocks: I believe you can only deduct 3k in capital losses per year. And you cannot carry foward any losses. K-1 income: Can I carry foward any losses from 2005? Futures: Can I carry foward any losses from 2006? Also I live in the NYC area so is anyone aware of a good tax accountant that is familiar with doing taxes for traders? I checked out green trader but I beleive they charge like a thousand dollars with is way out of my price range. In the event that I do my own taxes - do you guys prefer one tax software over another in regards to fileing for your trading income. I've used tax cut in the past. I really haven't paid much attention to taxes because I really wasn't making any money. But for 2007 I have a really good shot to start making money consistantly so need to read up on tax issues. Thanks.