Tax ?

Discussion in 'Taxes and Accounting' started by Dorfin0, Mar 14, 2010.

  1. Dorfin0

    Dorfin0

    You make $100,000 Trading.

    You start a business and for that year it looses $10,000.

    Can you deduct the $10,000 you loss from the $10,000 from trading?
     
    #1     Mar 14, 2010
    Share
  2. Surdo

    Surdo

    It has to be set up properly, you need a CPA. The trading income is normally capital gains, unless you are a MTM trader or trading under an LLC. You can capture the business loss as a NOL, and deduct it against ordinary income, and that can be carried forward.

    DO NOT use the tax advice of this forum.
     
    #2     Mar 14, 2010
    Share