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发表于 2009-4-4 11:39 AM
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1# gdtrader
Thanks Gdtrader Lao Da's info.
Not sure how many HTers will still read the thread. Anyway I spent some time on this issue and here what I find.
1. If you claim as trader in securities, you need to file form 4797 PartII to report your gain and loss, see pub 550 and schedule D instruction. So you can not use Schedule C to report the trader's gain and loss.
2. If you have a loss, say 50K, to report in form 4797, and you have a full time job, most likely the loss you claimed in form 4797 will not reduce your final tax. The problem is AMT! The loss you report on form 4797 will reduce you regular tax but not AMT so you end up with similar tax you would have to pay to the case where you do not claim the loss using 4797 loss at all. In addition by doing 4797 you can not carry the loss forward.
In short you have to carefully evaluate your tax sictuation. It may hurt you by calims M2M.
I do not know Gdtrader's friend case. At least now (2008) you can not use schedule C to report trader's loss. Of course you can still do it, betting IRS will not catch you. Frankly there is good chance there. But you have to decide whether to take the betting. |
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