you would probably want the LP or GP to make the election. You have 75 days after you set it up. If you are thinking about setting one up, make sure that you have someone that understands trading and also setting up entities do it for you, so it ...

Sideburn, personally I trade in a limited partnership, but only because when I set it up LLC's were not that well known. While a partnership will work, I think it should be Limited, but I would also think that an LLC gives you more asset protection. ...

Good question, I have no idea, no knowledge at all about betting. 08/20/07 Jim Crimmins, Traders Accounting

thanks for the email Charles: 1. It does not appear that either 988 trades or 1256 trades are subject to wash sales, they are however, subject to "Straddle" rules. 2. Your thoughts are correct with regard to a single member LLC and salary. A trader ...

Sorry, did not check my post, your i expenses go on form 4952, and your income goes on Schedule B which is included in your annual 1040. July 26, Traders Accounting. Jim Crimmins

All trading interest whether you receive it or pay it is considered to be Investment Interest, is accounted for on Form 4952, and in the case of interest expense is subject to the limitation on deduction of Investment Interest as outlined in Code ...

yes, you are correct, the log has to be in your possetion, and in case of any type of audit may need to be presented to the IRS. Traders Accounting July 23, 2007, Jim Crimmins

1) Even if I am an "investor", I still have the choice of electing opt-out-of-988 or not-opt-out. Correct? CRIMMINS: YES THIS IS AN ELECTION YOU ARE REQURED TO MAKE AT THE TIME YOU MAKE EACH TRADE, AND SHOULD KEEP A LOG TO SHOW EACH TRADE WITH THE ...

On our website we feature a CD that once listened too will answer both of your questions. It is Tax Secrets for Traders, Forex edition. Many Forex traders trading the same amount you have do form LLC's to trade in, but there is no cookkie cutter ...

Great question, and of course you get the accountants offer, maybe. I think that you should put the account in the name of the LLC for asset protection, however you would want to keep the gain/loss on a seperate line on your profit and loss ...

Unfortunately this post is error prone!. An LLC might do any trader good, by allowing them to write off their business (trading ) expenses without fear of an audit, also it allows them to fund a retirement plan if they have a successful year ...

You will continue to be able to claim your standard household deductions, however if you have a lot of expenses surrounding your trading, you must be trading as a business to deduct most of them. again please see our website, it will give you a lot ...

great question, there is no such thing. What the trader was trying to say, is that on his trades of forex futures they are taxed at IRS section 1256 rates, and probably was also trying to say that if he is trading spot forex, he is making the ...

Feel free to visit our website www.tradersaccounting.com, there is a lot of good free information there as well as some good reference cd's and other items. If you have any specific questions about taxes do not hesitate to put it on this chat room, ...

Oh, that it were so easy. The easiest way to get this is to go to our website www.tradersaccounting.com and download the three page confidential questionnaire, fill it out and return it. We will then send you a free 40-page report on how we see your ...

If you were trading the Cash Forex market, and did not opt out of the 988 trades, then you have an ordinary loss that can be deducted against any other ordinary income you have. If it is a Forex Futures, then it would be a capital loss, and you ...

The realm of FOREX taxation is dark with mysteries. You have not stated whether you were trading 988 FOREX or Forex Futures, so cannot offer any advice. I would definitely suggest you contact an accountant that really understands FOREX to get your ...

I understand how you feel Mike, it is all very confusing. We cannot offer this type of tax help on Forex Factory, there is too much liability concern when we cannot check the final product to make sure that anyone would understand what was said on ...

FREE Trade Tracker Spreadsheet Use it to track 988's — http://tradersaccounting.com/pages.php?pageid=21

You will report your gains/losses as ordinary income/loss and report on Schedule 1040. to my knowledge you do not have to include your trades. 03/18/07 Traders Accounting Jim Crimmins