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 Strategies & Market Trends | IRS, Tax related strategies--Traders


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To: Jon Tara who wrote (1369)4/4/2003 1:40:45 AM
From: At_The_Ask
   of 1383
 
I've heard of that too but don't think I wan't to try it. Although if your bottom line is accurate I don't suppose they could say much. Listing them singly is a big pain in the backside thats for sure.

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To: At_The_Ask who wrote (1368)4/4/2003 11:10:54 AM
From: m-top
   of 1383
 
Really? So am I correct in assuming that the year end aggregate purchase and sales figures you calculate do not necessarily match those shown on your 1099? Thats the problem I have but there is a good explanation (I think). I had made several short sales on december 31st which show up on the 1099 as sales but in fact are still open positions. Thus the 1099 overstates the actual sales data relevant for 2002 tax calculations. I have similar issues with the 1099 gross purchase data as several long buys were also made on december 31st. Another issue which makes matters worse, is that I have noticed discrepancies with the trade dates shown on the 1099. They don't necessarily match either the trade date or settlement date shown on my year end brokerage statement! The good news is that the bottom line net change for my account per my trade history is consistent with that shown by my year end brokerage statement. I may let it go as is.

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To: Jon Tara who wrote (1369)4/4/2003 11:15:11 AM
From: m-top
   of 1383
 
I have used that approach for several years now with no problem. I simply write "various" as the trade description on Schedule D and then write in the bottom line purchase and sales figures. Its worked so far ...

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To: m-top who wrote (1371)4/4/2003 11:21:31 AM
From: At_The_Ask
   of 1383
 
Like I said. If your doing your schedule d and listing your transactions singly just make sure those are correct. If you don't have any errors on those I don't see how you could get in trouble.

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To: At_The_Ask who wrote (1373)4/4/2003 11:27:57 AM
From: m-top
   of 1383
 
Thats my thinking too so off it goes ...

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To: At_The_Ask who wrote (1373)4/4/2003 11:32:48 AM
From: Gorak Shep
   of 1383
 
The issue isn't solely whether you will be ok. If your return does not match your 1099's, that is a big red flag for an audit. Not a guaranteed audit, but really increases your chances.

Now if your return is supportable, you won't be in any trouble with the IRS. But even so, you really don't want to go through the audit, do you?

It is best, if you can, to resolve the discrepancies before you submit your return. If, for example, you have an open short whose proceeds of sale appear on your 1099, it is best to put it on your schedule D and note it as an open position with 0 capital gain. Then it will contribute to your sales total and match your 1099.

Bottom line, it is easier to clear things up on your return than it is in an audit.

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To: Gorak Shep who wrote (1375)4/4/2003 11:52:12 AM
From: m-top
   of 1383
 
Sounds like a good way to account for any discrepancies. I'll include a list of open and unsettled carryover positions on my schedule D.

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To: Gorak Shep who wrote (1375)4/4/2003 12:01:33 PM
From: At_The_Ask
   of 1383
 
I've never had a short that I carried from one year to the other. That is more problematical than a long I suppose. In that case it might be better to list it as an open short or something.

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To: Gorak Shep who wrote (1375)2/10/2004 1:34:56 AM
From: Ira Player
   of 1383
 
I asked a few questions on another thread: Any ideas here?

Message 19786200
Message 19788576

Thanks in advance,

Ira

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From: tony_b8/20/2005 2:18:35 AM
   of 1383
 
Hi,

I just spent $31,000 to learn how to trade in stocks. Is the tuition for taking training courses considered deductible with the IRS?

THanks,
Tony

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