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Tony,
You must be reading the same material that I have. Don't forget that
Losses for Futures traders can be carried Back 3 years against previous
gains from the same type (section 1256) Contracts, for traders and
investors. This does not apply to equities.
Please let me know if you have any knowledge of tax cases or rulings
regarding the accepted practice of filing of Schedule C for traders. My
accountant would like to find a previous ruling for that procedure.
Warm Wishes to all,
Tom.......
<snip>
>
> 5. All trading related income is still limited to the $3,000 per year loss
> requirement (as opposed to dealer who may report all losses in any given
> year). Additional losses are then carried forward indefinitely until it is
> used up.
>
Although I am not an accountant or tax
> attorney,
I have checked with informed tax authorities and highly qualify
> tax attorneys and accountants and they assured me that these strategies are
> legitimate. Anyone who says otherwise is misinformed.
>
> Check the tax law for recent decisions regarding trader status. The courts
> routinely uphold trader status as valid.
>
> Tony Haas
>
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