Does anyone know, if you're day trading futures, can you deduct all the loses even if they are greater than I think the normal allowance of 3k per year?
Futures, even though taxed at a much better rate than stocks or options are still capital gain/loss. In the case of a loss unless you have properly elected mark to market (which a futures trader would probably not want to do) you can only deduct $3K. Next year if you make gains it will apply against any loss you have so you will have tax free trading until you have used up the loss. Jim, Traders Accounting
Jim, just out of curiosity, is there a limit to the number of years you can carry forward a loss that exceeds $3k?
there is no limit to the number of years an individual can carry forward a capital loss, but comeon, think positive that you will make money in 2010 and be able to use it all. Jim Traders Accounting
Think positive? C'mon Jim. You're talking to <i>the1.</i> Kidding aside, I'm thinking about doing a Master's in Taxation so I just wanted to pick your brain. I'm tired of paying you guys the big bucks. I'd rather pay myself the big bucks
Wow, the LLM is the degree of distinction in our firm, and most others that I know of. Go get it and then you can adopt me with all of the $$ you'll make.
you are right that there are a lot of trollers on this board, but surprised you had a beef with this response - seemed clear and on topic from a knowledgeable source.