Two tax questions

Discussion in 'Taxes and Accounting' started by Shadetree42, Oct 16, 2017.

  1. 1) For an individual trader (trader tax status, but no entity), can health insurance premiums be deducted in any way? Assume filing single, no entity, no income other than trading income reported on Scheds. B and C.

    2) For the same situation (trader tax status, no entity, income from stock/ETF trading only), does the NYC-residing taxpayer need pay the NYC Unincorporated Business Tax?

    Please only answer if you know for certain. Thanks.
     
  2. On Green's site, it implies that premiums may only be deducted if you have an entity. I have heard this is not the case from others. Hence, the question.
     
  3. interdim

    interdim

    Instead of asking a question on a forum hire a professional for help. I just got hammered for taxes from a 2014 return, a very unpleasant surprise. Do not rely on information you may find from an internet search either.
     
    Overnight likes this.
  4. Yes, the issue is that when different CPAs give different answers, one is forced to seek more opinions.
     
  5. comagnum

    comagnum

  6. As stated earlier: "On Green's site, it implies that premiums may only be deducted if you have an entity. I have heard this is not the case from others. Hence, the question."

    Looking for an answer from a CPA or someone who has received direct info. from a CPA on these two topics.
     
  7. Pick up the phone and call the IRS! :banghead:
     
  8. "For certain" you would need a professional opinion, but here's something that suggests the answer to #2 is "no" if you're only trading for yourself.

    http://www1.nyc.gov/assets/finance/downloads/pdf/99pdf/004767rd.pdf
     
  9. sprstpd

    sprstpd

    From my experience, the odds of getting a question answered satisfactorily from the IRS is around 25%.
     
    Shadetree42 likes this.
  10. sprstpd

    sprstpd

    Form 1040, Schedule A, line 1 is where you would include health insurance premiums. Your total medical expenses must be greater than 10% of your AGI before you receive any benefit.
     
    #10     Oct 17, 2017