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If your expenses are for the purpose of generating income, the IRS says they are deductable. Usually data expenses, books, etc qualify for this. For most part time traders, this will simply be done under your itemized deductions. For full time traders that are able to claim trader status (very specific requirements) this is done as a Schedule C business.
Good luck and keep good records,
Karl
-----Original Message-----
From: Daniel O'Moran <moran@xxxxxxxxxxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Monday, July 28, 1997 7:50 AM
Subject: GEN: Futures business as a write-off
:Hi folks.
:I'm a new trader. Hope that I can survive (and prosper in) the markets
:long enough to do as well as you people. Does anyone have advice on the tax
:implications of being a trader; can I write of my cost for end-of-day data?
:How about books/courses on trading? Any insight you could provide would be
:appreciated.
:
:Thanks
:::Daniel O Moran
:
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