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OK, I don't want to blow off too much or mislead, so I called my CPA. I
know we rolled some software expense into this year. The other thing is I
have a wholesale/retail business to which schedule C is related. That may
change the whole picture. Then I had schedules A,B,D, & form 4562. He used
form 6781 for the 1099-B's. Obviously I don't do my own. Anyway he's going
to call me back with some answers tomorrow. I will post if FYI.
Steve
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> From: Lawrence E. Lewis <lel@xxxxxxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: RE: Futures business as a write-off
> Date: Monday, July 28, 1997 11:22 AM
>
> Steve -
>
> Are you sure you can deduct all those expenses? I thought you could just
deduct the amount that exceeded 2% of your adjusted gross income.
>
> ___________________________________
> Lawrence E. Lewis - lel@xxxxxxxxxxxxxx
> Vice President and Chief Technology Officer
> Chronology Corporation
>
>
> -----Original Message-----
> From: Steve Schnake [SMTP:schnake1@xxxxxxxxxxxx]
> Sent: Monday, July 28, 1997 8:56 AM
> To: RealTraders Discussion Group
> Subject: Re: Futures business as a write-off
>
> Dan,
> I trade from a home office.
> You can deduct just about all expenses incurred in your attempt to trade
> the markets,( as long as they are tools to help you trade), including
data
> provider exp, mag. subscriptions(must be relevant), educational
materials,
> trading software, portion of home expenses(for home office; ask your tax
> preparer). You can deduct your computer and maintenance expense, internet
> access, if they are used soley for trading(i.e. to gain the knowlege that
> influences trading decisions. I mark and itemize all related
> phone/fax/download communications with a highlighter and total and file
> them monthly.
>
>
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