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Strategy Session July 17th, 2020

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Strategy Session
July 17th, 2020
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  • kemenator: $IRS I'm wondering how long time traders are paying for their short term capital gains. Are you ignoring it until filing time (paying lump sum when you file)? Paying it, both state and federal, yourself quarterly? I appreciate any answers. TIA
  • bsnceo: @kemenator $IRS what are you asking - how to be penalty-free? If your total paid in through withholding and estimated tax payments for 2020 equals your 2019 tax, you will be penalty proof re estimated taxes. Your 2020 taxes have to be paid in full by April 15, 2021.
  • kemenator: @bsnceo $IRS Yes I'm trying to be penalty free, so I'm wondering how to be penalty free as TD Ameritrade not allowing witholding for any account that is not an IRA. Was I essentially supposed to pay the IRS myself throughout the 2020 year?
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  • RONN: @Iceman I am not an accountant but I think you can attach your brokers 1099's to the return and manually enter the totals on the Schedule $D and Form 8949. I'll bet that it's not that simple and there are other manual entries to make. Not what you paid for and Turbo should be able to handle more than your 3000 transactions. The tax prep. gets to be more cumbersome each year. A note with my Schwab 1099 states that the $IRS published a new Form 8949 on January 14, 2014 with checkboxes that don't correspond with the instructions on the 1099. If the 1099 advises checking Box A, check Box $D etc. A corrected 1099 is not necessary. Best of luck and lets us know your ultimate solution. Ron
  • Tricia: MKND@RCK89 - The AdComm meeting is Tuesday April 1st. The PDUFA is April 15th .... ... sheesh, Al Mann strikes with the $IRS .... I really hate him now ...lol

    These are comments and reactions form the Earnings Conf Call Feb 19

    $HAS not relea ...
  • Matt77: ...
    $IRS Pub 550

    http://www.irs.gov/publications/p550/ch04.html#en_US_2012_publink100010601


    Wash Sales

    You cannot deduct losses from sales or trades of stock or securities in a wash sale unless the loss was incurred in the ordinary course of ...
  • DAN: ...
    I recently heard someone on #CNBC chuckle at the notion of even higher prices this year, proposing that traders would be taking profits in December. I don't know if there was a typo on the guy's teleprompter, or if he was drunk, but I think the ide ...
  • Niche: In order to respond would take a long paper -- however -- penalties will only be collected if there is a refund otherwise $IRS has no other way to collect the penalty - Second, the insurance companies involved in OBAMACARE need the signups or they will be hurting financially because they will get the sick ones - that is a given - they may not get the health ones -- which is what most economists expect. Website -- I'll the bet on whether the website will be fully functional by 11/30 most people in tech land say -- NOt a chance.
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  • bigbartabs: Government shutdown... IRS... so if I filed an $IRS extension on April 15th, with runway to 10/15... does that mean I can go bar hopping instead, until this thing is settled?
  • debeers: ...
    Stock implications during government shutdown period-There will be no new drugs approved by the FDA during the shutdown, no IPO's coming to market either as the SEC will put a @freeze on the filings. Non- government stock functions will continue as ...
  • kat: Do your own math... another example. There is a woman in my apartment complex that has had a lead role at local $IRS a number of years. Huh? She does not take advantage of the mortgage tax law??? Sometimes it makes sense to rent, sometimes not. Conduct your own cost/benefit analysis including your local taxes. If rates continue going up, and if local housing prices drop and stabilize, it might be time to jump in if those numbers work in your favor. For example, no personal income tax in Texas, but local property taxes vary and tend to be high... which does not include all the considerations.
  • Iceman: #YieldHogs, Ohio MuniCef, $NUO - I have finally finished accoumulating the last of my full position in $NUO at 14.00 this afternoon. The Triple Tax-free #dividend is going to be funding my retirement next year. Until then, I'll use the monthly interest to will pay the $IRS for all the premium income I'm generating in the option market.
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  • kat: @Tim, I think what you saying is you bought the same stock twice at two values. If you bought it over a year ago, it differs with tax implications if I recall correctly. You can check the $IRS website and chose your preference. You can start with the low, the higher, or average it based on the total invested divided by the number of shares.... entirely up to you how you want to see and account for it. Some brokerage accounts have a set way of portraying it, generally with an average with your brokerage fee.... if you like that brokerage and plan to stick with it, you might want to go with their approach. You might want to receive some other people's perspectives as well, however, as long at you are making a profit you are doing well. Congratulations! Make your bank account and Uncle Sam proud! ;) ~k:)
  • mradams0621: Priceless- @Ranger @Ray- any day you get an answer to prayer, and the results are the very thing you were praying for is a good day. Thanks for your uplifting news. I stayed up way to late last night watching CSPAN -the persecution of an $IRS Auditor by political hacks who were trying to obstruct the search for the truth regarding the $IRS scandal. It was so depressing. So obvious was the lack of integrity among our political leaders. Only protecting their own ideology mattered to them. Truth be damned. Their eagerness to wield their political power to discredit the witness with total disregard for any semblance of common sense or reasonable behavior was sickening and depressive. Your good news helped balance the scales. I needed it. Thanks and best wishes for a full and complete recovery.
  • dave11: $WIN Dividends, I recived the message below today about 2012 dividends. This is a copy/paste from Fidelity. Seems a little strange to be getting this several months after April 15. "Windstream Corp. announced that they reclassified dividends previously paid in 2012. Previously, dividends paid by Windstream Corp. were classified as 100% qualified dividends. Under the reclassification, 66.417% of Windstream Corp. dividends paid in 2012 will be treated as return of capital. As an impacted customer, you will receive a corrected $IRS 1099-DIV form, which Fidelity will send out after July 16, 2013. Please contact your tax advisor for specific tax questions. Next Step If you have other questions regarding this reclassification, contact Windstream's shareholder services representative, Okapi Partners, by calling (877) 259-6290 or sending an email to Windstream@okapipartners.com."
  • bigbartabs: #Options, Selling Puts article... @Iceman... a couple of questions... first, are there any $IRS "hard" restrictions on selling calls and puts in an IRA? I get the impression the answer is no, since I've seen discussed here and in OMM several times ...
  • Iceman: Option Trades, IRA rules @bigbartabs - The $IRS rules are interpreted differently by diferent brokers. Most brokers allow virtually any type of option trading that would not require an unplanned deposit of funds into the IRA. 1. Buying stock and selling covered calls = OK 2. Selling Cash backed Puts = OK for most brokers (risks are actually the same as #1) 3. Buying any type of #options = OK 4. Debit Spreads = OK 5. Credit Spreads - depends on the broker. I can discuss more in depth if you need to. I like TDAmeritrade/TOS the best for option based IRA accounts but others here will likely add to that list.
  • JeffTx1957: ...
    In your July 4, 2013 video, you quoted Alan Greenspan as saying, "The common denominator of all bubbles was nobody saw it coming." I would like to add that it is the increased use of leverage (margin accounts and home equity loans) feeds a bubble. T ...
  • mradams0621: ZZZZZ- that's the sound of the snoring U.S. populous and media. Sound asleep or at least easily districted by the puppeteers saying "look over here" at this Bengaze scandal, or the gun running scandal, or the corrupt $IRS scandals, or the constant ...
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  • mradams0621: $FREE CHART- Required compliance with new FCC rule that went into effect today. No more fee videos allowed unless provided by the administration. All others must charge a reasonable and proper fee, as defined by the 987 page documentation in the Dud Fruit Rule, which requires a portion to be collected by the $IRS for implementation of the Not Affordable Health Care Act. An exception if allowed by the official enforcement department may allow you to insert a $20. bill directly into Drive $B, and the fee's will be recorded and applied to your account. Although this conveniently designed option does require a direct hook up from your computer to the Utah Data Storage Facility, you may be assured that the information will never be looked at by anyone for any reason, at least at this time. Sorry for any inconvenience's this may create. Have a lovely day.
  • Henry4432: #CNBC - Today is not as bad as when they had the $IRS employee's dancing every five minutes. Even mute didn't help that day.
  • bigbartabs: #CNBC... Henry4432... the $IRS Dancers infinity... boy howdy... I was so sick of it, that I almost called the $IRS to suggest a #CNBC audit. And now they are showing us some blithering idiot clapping. ON a business channel? I would have rather seen that kid doing that on #CNBC commentator faces. Even producers.
  • bybyjanice: OFF TOPIC: Faris Fink, $IRS rep regarding the taxpayer paid conference in Anaheim. "It was inappropriate; I am sorry;" but boy, I had a damn good time! Beam me up Scottie.
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  • bybyjanice: DSX@fhsavidge and @woodman: 11.09 is the last high, can it hurdle through this, I think so. Long $DSX and $VLCCF (thanks @Tim S.)right along with Wilbur Ross. Might I say you two are hysterical! Gotta go and watch the latest on the $IRS debacle. I am taking the 5th too.
  • JeffTx1957: @bigbartabs.....I believe you actually can hold real estate in a tax deferred account. It would come under a "non-standard" provision. You would have to petition the $IRS and submit a letter with some additional documentation. I've know a few business owners that did this with their businesses. The first issue that comes to mind is the Pub 990 & 980 (I think those are the right ones). That income from a partnership is subject to a $1000 cap after which it is taxed at a rate above the initial $1K. The practice is unwieldy and if scrutinized, you better have your act together. Pension funds (the large ones) do this frequently. Enough said.
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  • JeffTx1957: @roadrunr I am under the firm opinion that you can only lose 100% of your money....not 500% You may have to recover by 500% to get back to your Break Even position but how do you explain to the $IRS a 500% loss? If your investment drops from $500 to 0 you are out 100% not 500%.
  • Forexpro: Re: #Options, @JeffTx1957 Hi, @JeffTx1957, If I read @Roadrunr's post correctly, his position was short calls. If, for example, with a stock at 50.00 you write a call for 1.00, and at expiry the stock is at 56.00 and still short, you're out 5.00 (since you'll be compelled to buy stock at 56.00 to cover), and, voila! 500%. The $IRS doesn't care about the percentages involved; in this case, it would simply see a short term capital loss of $500. Hope this makes sense; all the best.
  • rknight52: SDR @Stormy -- these look interesting. Are these treated as MLPs for $IRS purposes? How is the income taxed to us? Don't want any MLPs for all the $IRS paperwork hassles.
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  • taylor: High Yielders, IRAs, Taxes @jververis - first of all, you can ignore any taxable events that take place in your 401k or IRA accounts. You don't report any of this to the $IRS on your return unless you make a contribution or a withdrawal. That includes dividends, capital gains, capital losses, K-1s or anything else. High yielding stocks are a good choice for IRA and other tax-free accounts because the dividends accumulate and can be re-invested without paying taxes, giving you tax-free compounding. So your account will grow fairly quickly if you stay fully invested, and you don't invest in stocks that either lower or eliminate their dividends which would stop the flow of cash and destroy the money tied up in that investment by lowering its value permanently. To avoid single stock risk, a high yield fund or $ETF might work better, with less volatility.
  • jimster: SOGOTrade uses APEX also. I had $ONE stock trade imported...but 300+ option trades did. I called and asked if there was issue or if option trades were not being imported. I was told since they are not required to be reported to the $IRS, I could enter them manually...lol...in the past this has hours...like 30. This year I spent the $5 and got an excel2txf converter...It worked awesome...Good instructions...You still have to go pull the data...but even with that I was done in less than an hour, and it accounts for wash sales if you choose to use that option...I used TT also...good luck, @jim
  • blueberryman: Tax Help - My $CPA has been filing a hard copy of my trades with the $IRS for the last 5 years.
  • gintice: #Tax Help - @beby138 - Your accountant may be telling you the truth, you can enter each transaction but why would you? The $IRS receives the same broker 1099 that you do. Your return must match these, period. There is a summary on each 1099, that is all the information that needs to be entered on your return. You can then send a copy of the 1099's with your return (or not, they already have them). I have been preparing taxes professionally for thirty years and have never, never had a problem with any of these 1099. Not hard at all. Sounds like you need a new Accountant. Good luck. gin
  • bigbartabs: TAXES... @MartySS... here is a trick I have used for a long time, and it has never been questioned... even at 2 $IRS audits...
    (1) Download your stock buy / sell history from your broker into a spreadsheet (most all brokers provide a click for th ...
  • bxshin: ...
    Bank of $NY Mellon (BK) will take an $850 million charge against earnings, following an unfavorable court decision. The $IRS had sought to invalidate a $900 million tax benefit stemming from a $1.5 billion loan from Barclays, saying the transactions ...
  • dagdog: LLCs vs High Yields - Has there been any discussion in the forum about owning LLCs instead of High Yielders considering the potential increase in #dividend taxes? I did a search and didn't find anything recent. I'm thinking about moving some of my non-IRA fixed income stocks over to some of these. Yes, a bit more hassle at year end because you need to wait for a K1 and file necessary $IRS forms but not really a big deal considering. This would include stocks like $KMP, LINE, Enbridge Energy and other Limited Partnerships. Have been wondering why these are not performing better if my logic is correct. Perhaps there is some Fiscal Cliff increase on these as well? Thanks, D.
  • hwyflier: Taxes : Think of the capital gains windfall the $IRS is collecting this year. This alone will help cut the deficit. Generate fear, force selling of long term holds.
  • grover12: $WASH SALES - How is best way - or is there one - to deal with wash sales. $IRS is enforcing the 30 day rule. For instance I buy $LVS with a tight stop and I am stopped out. I still see potential in $LVS and would like to buy it when the opportunity presents. The only solution I see is to keep the initial loss small so that if i buy $LVS or alike stock or option within the 30 day period, my buy must have the potential for a profit that will overcome the wash sale penalty. Hope this makes sense. I appreciate your help. There has to be a better way for me to handle this $IRS rule.
  • Henry: Wash sales edit I don't disagree with cain http://www.fairmark.com/capgain/wash/ws101.htm Disallowed is too strong a word, more like postponed. mradams it's not that hard at all. The biggest no-no is not to have the wash sale occur between your personal account and your IRA. If you have a loss in your personal account and buy the stock in your IRA, the loss is not ever deductible. In the eyes of the $IRS their is no difference between you IRA and your personal account. Practically, unless you are audited, I'm not so sure they would ever know. I am not an accountant and if you choose to believe that, you should consult your accountant.
  • Lou: $SSS Prod - Gainskeeper - I'm not sure as to why anyone needs to keep track of trading activity in separate software. I maintain a couple of trading accounts at Fidelity (mine and my wife's) and one at Schwab, as well as an account at Oppenheimer. All three firms firms provide on line up-to-date realized gain and loss information accessible at all times and at the end of the year a statement of all closed trades separated into short and long term profits and losses. These year end reports can be attached to $IRS 1040 Schedule $D and document precisely taxable activity for the year.
  • bxshin: ...
    Hewlett-Packard (HPQ) has lost a tax case in which it challenged an $IRS ruling involving calculation of a research tax credit. $HP will now owe an additional amount of tax in the tens of millions of dollars.

    Red Hat (RHT) has narrowed its full y ...
  • tnalepka1: #REITS income is not taxed by the $IRS if they pay at least 90% of their income as dividends. The share holders then do not get to use the 15% special Qualifying #dividend tax rate. I understand that they are taxed at the share holders earned income tax rate.
  • grcjr: $AAPL - remember a few items. $1B will be appealed. When finished, the lawyers will likely take a huge share (even if they are Apple corporate lawyers). The $IRS will take a huge share from both Apple and the lawyers. There will still be a lot for Apple. A couple more cases like this and we will see a dent in the national debt. ;-)
  • arrow: ...
    1. $MLP distributions in an IRA are subject to UBTI. True, many smaller investors won't encounter this but it can be a factor, certainly to complicate things. Many investors just ignore the issues related to K-1's, UBTI, various other State taxes wh ...
  • taylor: EEP/K-1s @ arrow - the only reason not to have this kind of stock in an IRA is the "tax advantaged" portion of the distribution? In essence, they are returning part of your capital, so that portion is not taxed. But the remainder of the distribution is not a "qualified" #dividend, so it is treated as ordinary income. My tax returns are too long and complicated already (many, many pages of #options trades) so I don't need the hassle of unnecessary K-1's to deal with at tax time. If the $IRS wants to challenge my returns on this basis, good luck to them.
  • Bdwyer66: Tax question - what is the general consensus within the forum - file as an investor or trader? I qualify easily under the $IRS guidelines for trader status but I am locked in a little bit of a battle with my accountant. Considering I am self employed to begin with I dont understand why this would be an issue. Also, does anyone have thought on the pros/cons of the situation. Learning
  • Henry: Trader tax status Do a search of that term in the forum. We have had a few major discussions on various weekends. Outside of Chicago, there doesn't seem to be a lot of accountants up to speed in this area. Also look at this website, lots of info and free videos. http://www.greencompany.com/ @Henry not a $IRS trader
  • gerodeen1: $AGNC @Scorpino Another consideration. I believe that the $IRS considers "qualified" vs. non-qualifed dividends. Usually, if you buy/sell within (I think) 60 days +/- the div ex-date, it becomes an ordinary #dividend, not qualified. Ordinary dividends are treated as ordinary income, i.e., don't get the 15% qual div rate. I'm sure you CPAs out there are cringing at my explanation, but I am pretty sure that this is the current tax treatment (or I hope so, taking $CFP exam in July, so if I got this wrong, OOPS!).
  • ViperTom: ...
    I feel it would be best for all concerned (eventually, in the case of the greeks) for them to be removed from the Euro Zone, no matter who wins. My reasons are they should never have been admitted to the EU in the first place, they lied to get in b ...
  • arwo54: $TAX time - I use TurboTax. Can auto-download all the transactions (Fidelity) to it, (edit)to the appropriate $IRS form. Recall seeing many other brokerages on that drop down list. Over last 3 years, only spotted 3 or 4 errors, but on complicated transactions.
  • gold2stocks: @Henry - Not sure if $KORS figured out a way to worm out of it...Vesting of the stock has always been critical...I always thought they had to abide by the 12.000 $SEA limit.....but the $IRS is pretty much like the SS or the KGB in their strict intol ...
  • Tricia: ...
    Great posts over the weekend..... hope everyone had some time with family & friends and some time for spiritual renewal. For me, the best thing was a 3 day old opened package of PEEPS - yes I ate every one of them - that's right - 12 crusty, chewy, ...
  • kaw01021: $AAPL - I don't know about $IRS complications. Can't help you there. As for buying and selling an option on the same day. Yes, that would make your account labeled a pattern day trader (executing 4 or more round trip days in a 5 day rolling business period). As for needing a margin account, I don't know. As for buying #options and stocks, you would not need a margin account, but if you want margin capabilities for reasons of extra stock buying power, or if you plan to sell to open #options (unless it is a debit spread) then you would need a margin account
  • Abaltd: $AAPL - @dreambby56, if you do 5 in a consecutive 5 day period = pattern day trader, no $IRS except all short term gains/losses.
  • jojo1480: AAPL- let me put it this way, I submitted from Fido 187 pages (double sided) of trades to the $IRS, never been questioned about it. My normal run rate is about 120 pages of trades. This year probably 50 pages, learning from @DAN and less active trading, looking for those 2-3 periods where money is to be made.
  • taylor: TurboTax and #Options - I've used Turbotax for years and used 0 in the cost on literally thousands of transactions, and the $IRS has not complained yet. TDAmeritrade puts the word [Short] or the word [ShExpire] right in the description field of the trade, so when I import the data. it's already there.
  • dagdog: ...
    I'd like to encourage all members to take time and carefully review the 1099 Forms you receive from your broker. Trust me when I say it's a very time consuming process but worth it. I keep excellent records otherwise it would have been even more ...
  • hwyflier: ...
    Weekend question (repeat from yesterday) : How many here are currently listed as "Trader Status" with the $IRS and are using Mark to Market Accounting? How valuable is this for what we do or is it just a huge hassle?

    I had a fairly lengthy discus ...
  • Forexpro: ...
    Now, with computers and discount brokers ubiquitous, obviously people who have never been closer to the trading pits than O'Hare could possibly qualify based on the number of trades that they do, but just as clearly the $IRS is not going out of its ...
  • hwyflier: Weekend question (and I'll ask it again tomorrow) : How many here are currently listed as "Trader Status" with the $IRS and are using Mark to Market Accounting? How valuable is this for what we do or is it just a huge hassle?
  • Henry: Trader status, not me. I can't decide what's a trade and what's an investment. $ROST for example. I read the annual report and it looks like a hold to me. The $IRS wants you to flip it, the more the better. I certainly spend enough hours in fro ...
  • georgercarrjr: Taxes @student @ MissEllie A big thanks to MissEllie. Im going to take another look at what might go into my deductions. I have a computer consulting Schedule $C but suspect my invesrment deductions could not go into a sched $C without the LLC or copr. Original post below I believe they "should" be. However, in my reading of the regs, you must meat the $IRS definition for "trader" which is tough. Then I expect your deductions would be in a Schedule $C or Corp. i believe most of us just suck it up and dont give the $IRS a cause to call.
  • Lavrock: ...
    The worst thing that happens is the $IRS audits you and sends you a notice that you don't qualify. Presumably, it won't be worth your while to fight it, so you pay the tax and interest.

    Here is what the $IRS says about the subject:

    Day Trader ...
  • MissEllie: Taxes-just one more post about this. You can deduct the expenses-but where you deduct them depends on your investor/trader status, and as an investor, you may get clipped by the $AMT monster. (Article above explains in more detail). Re the investor/trader status-if you go for trader status, this should be your full time job, and the $IRS is looking for 700+ trades a year, a substantial majority of which should be short term. I posted on this in the last two years, with some case authorities. If you think you qualify, probably worth your while to see an accountant to sign off and help you make the right elections on a timely basis.
  • jan2138: #yieldhogs: GGT; more good news. $GGT declares 1st qtr. dist. of .20c, ex 3/14/12. 11.02 yield. Do not be fooled when you see dist. paid last quarter was .27c. That extra .07c paid in December 2011 was an an adjusting addition to bring the total payout for the year to the stated policy of paying out 10% of the average $NAV within a calendar year or an amount necessary to satisfy the $IRS code, whichever is greater. The previous 3 quarters were .20c payouts. This has been on a nice run and is still trading 10.84% discount to NAV.
  • scottto: #Greece - @bigbartabs - The difference between us and #Greece is that almost all Americans pay their taxes (we don't necessarily like it but we do because the $IRS will mess you up if you don't). Greeks don't pay their taxes and there is no enforcement because the tax collectors are lazy government workers and their justice system takes 10-15 years to prosecute a tax cheat. To all the Greek SMMers, this is @Michael Lewis' take on the situation not mine so tweet him about it.
  • Lavrock: ...
    The following is quoted from $IRS Topic 429 available at www.irs.gov:

    The tax treatment of sales of securities held in connection with a trading business depends on whether a trader has previously made an election under section 475(f) to use the ...
  • Henry: $SLV then there is the question if the wash sale makes any difference. If you are going to be out of @silver by the end of the year, I'd say no. However http://www.fairmark.com/capgain/wash/ws101.htm And it certainly does if you are trading the same stock in your IRA and taxable accounts. Whether the $IRS can tell, I dunno. @Henry
  • jackies: Trader Tax status: This is what I got from the $IRS website. I think I'm going to get an accountant. I'm hoping the selling of covered calls against my longer term positions counts for 'profit from daily market moves'. I have a lot of questions after ...
  • frog1856: ...
    Have a little story. Had a friend, did his own taxes for years. For what ever reason he always had to pay and he always paid with a money order.[I see a few flaws to, but wait.] One day he receives a notice he has not paid for 3 years why. He a ...
  • jackies: ...
    It wasn't bad at all. The first thing I did was to request a hearing before the tax court. That triggers an interview with the man at the $IRS who goes over the information to see whether or not a hearing is necessary. I got on very well with him.
    ...
  • Henry: Trader Tax Status @tickerhound I believe you have to declare by April 15th to use it for the 2012 tax year (no good for last years taxes) I am not a trader in the eyes of the $IRS, which evidently intended the rules to apply to traders in the Chi ...
  • Henry: $WASH SALE @Poppy No $IRS experience, it's just one of the things to know about, like ex dates and buy to open vs buy to close. The devil is in the details.

    Scenario A: If you bought 50 shares, then bought another 50 within 30 days, then sold 50 ...
  • gold2stocks: ...
    First Cash Financial upgraded at Sterne Agee
    $FCFS was upgraded from Underperform to Neutral, Sterne Agee said. $36 price target. Company is buying back more stock.

    $FLT
    Fleetcor upgraded at Wells
    $FLT was upgraded to Outperform, Wells Fargo ...
  • debrup: Brazil stocks, here are some more Brazilian and Latin adr's and etf's that trade in the US: $ABV ARCO $BAK BCA $BFR BMA $BRAZ BRF $BRFS BSBR $BVN BZF $BZQ CBD $CIB CREST $EC ECH $ERJ EWZ $GFA GGAL $GGB GXG $GOL ILF $IRS ITUB $MELI MXF $PBR SAN $SID SQM $TAM TSU $UGP VALE $VIV YPF
  • gold2stocks: #REITS @Henry - Hi @Henry - First let me state that I am by no means a tax expert, as they say "I got a guy for that". : = ) I will defer to @Dana for a comprehensive list of tax break picks. Here is the general rule of thumb. NOTICE THE EXEMPTION ...
  • DAN: Team, if you're watching the market, it should be obvious to you that today is not a day for buying much. The only sector that is up is #financials on the back of the BAC/Buffett deal (random thought: I wonder if @Warren is going to write a check to ...
  • dagdog: Wash Sale Rule @DaveW2 - Sorry Dave, it does. Google "wash sale rule" and you'll find all sorts of information. Any loss that you take in a stock that you buy back w/in a 30 day period gets added to your new cost basis. I've had a hard time dealing with that also. But, now that the brokers have to report more detailed information to the $IRS at least they are now doing the math for us so that will help in figuring it out. Just part of the trade and I try not to let that get in my way...
  • MSL: $TAX, I am a $CPA (who trades a sh1t ton as most of you do) and I have been wondering about the issues raised. Obviously, most if not all of us have 25k+ margin accounts and are pattern day traders per SEC rules. I would think that status per the S ...
  • Henry: $TAX QUESTION: This is my understanding-- and I am not an accountant either. Those things get listed on Schedule A. They are legitimate expenses, BUT they have to exceed 2% of your adjusted gross income. http://www.irs.gov/pub/irs-pdf/f1040sa.pdf Look at lines 23-27 Line 25 refers to 1040 line 38 that is your adjusted income. OR you told the $IRS prior to April 15 that you were going to file next year as a trader OR you have some business structure like an LLC that you use to conduct your trading. If you are interested in the these last 2 #options, poke around this site: http://greencompany.com/
  • Henry: Day Trader Status @jocoach. Edit I am having trouble watch $AAPL and thinking. If you meant day trader status under the eyes of the $IRS, that is a more complicated answer. You could search the @fourm for a recent discussion or ask after the market closes.
  • bigbartabs: Full Time Trader... @gills702... $IRS forms require each trade of each ticker. There are a couple ways to handle it... summarize all buys and sells for each ticker to one line item, with backup break outs if you get audited (saves time entering). ...
  • MissEllie: $MRO MPC Hi @Henry-the spin off was ruled a tax free 355 by the $IRS, so the basis will be allocated between the shares on the basis of relative FMV on the date of the spin. Marathon will be sending info to shareholders re the basis allocation and calculation and will also be posting it on their website.
  • DAN: ...
    Bottom line: This is the guy who cheated on his own taxes and only fessed up when he was applying for the job of overseeing the $IRS and US Budget. So apparently "shared sacrifice" doesn't really apply to him.

    When you listen to The Bernank o ...
  • debs: RIMM - @Henry, thanks so much for your feed back and the article. It is the same article I saw around tax time, as well as brushing up on my $IRS rules and pub 550. My problem is that I have been #shorting various stocks, on and off, as well as doi ...
  • wlanglois: $IRS - Many thanks for the replies yesterday on the US estate tax on citizens of other countries who foolishly buy stocks on US exchanges. ABsolutely agree that the principles taught here can be used elsewhere including here in Australia. Love the US markets though. Maybe the easiest solution is to stick with cash, small positions, #options and 59 minute trades. - That's my excuse to buy the course.
  • wlanglois: $IRS - Just been knocked for 6 by this little gem. "But if a non-U.S. person buys stocks in the U.S. (in excess of about $60,000), their estate has to pay U.S. estate taxes if they die. So no wonder people are not excited to buy U.S. stocks." I think I'm safe if I trade US in my pension fund, but maybe I need to look to other markets. I wonder can @Dan cover the FTSE or the ASX?
  • jackies: $IRS - The greatest value I get from SMM/OMM is not which particular stocks to buy/sell, but WHEN to buy/sell. Those principles can be applied to anything. I also like to write down suggestions and watch how they trade over time to see whether a particular thesis worked. This helps me gain knowledge a lot faster than just by watching my own ideas. A lot of foreign stocks are also listed on the NYSE, and we discuss them here, so you can buy/sell them in your own country exchange. Kind Regards, Jackie
  • Henry: $IRS There is another wrinkle in the US estate tax. The law provides that there is no marital deduction for property received by a surviving alien spouse (non U.S. citizen) from the deceased US citizen, spouse. That means if you kick the @bucket with a million $, and your spouse is not a US citizen, Geithner gets 350K!
  • DanielR: $TAX QUESTION--Stressed, I have struggled with this question for almost 10 years now. Originally, I had a guy input the info manually--very costly! I have discovered 2 things. First, the TurboTax home and small business software will input your trade ...
  • imortalz: $TAX Question, I have used an accountant for years. I have to submit to him the Gain Loss report and a copy of all trades Jan 1 - Dec. 31. He submits to the $IRS the Gain loss report and keeps on microfile the trades. I have never been audited by the IRS. My itemized trades are at close to 1" thick. If you get a good accountant you will not have a problem. I'm in Sarasota, $FL and I've never paid over 750.00 to have my takes done.
  • Henry: Day Trading bella As I said in my post on wash sales, "tagged as a day trader" is different than having the $IRS accept you as a trader. If fact I think it's too late, because you had to declare that on April 18th. http://www.irs.gov/pub/irs-pdf/p550.pdf see page 76. There is a legal/accounting firm on the web called greencompany which deals with traders if you are interested in learning more.
  • Henry: ...
    Finreg has tightened up the regs on brokers, all keep track of it, though Scottrade has no knowledge of what you do at Schwab. I don't know if the $IRS computers can ferret out a wash sale done between two different brokers. Your statement that yo ...
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