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EDUCATION CENTER INTERACTIVE: GTT MESSAGE BOARD Traders >> Trader Tax Status Pages: 1 Previous   Index   Next   Flat   Threaded   jwt stranger Reged: 11/01/03 Posts: 3 Loss carry-forward/back for day trader       #27 - 11/01/03 11:38 AM Edit Reply Quote I qualify for day trader....no other job.....avg 60 trades per month....held 1-5 days......etc. I did not set up an entity and did not elect MTM.......so I am using a Sch D for reporting trades and Sch C for expenses. I have a loss for the year........... The tax return will treat the loss as a capital loss with the $3,000 restriction against my unemployment income. How do I get the tax return to reflect the total loss as an net operating loss so I can net against income and carry balance forward and back Post Extras:       GreenGTTCPA CPA & CEO Reged: 10/31/03 Posts: 275 Re: Loss carry-forward/back for day trader       #29 - 11/01/03 11:53 AM Edit Reply Quote [quote]I qualify for day trader....no other job.....avg 60 trades per month....held 1-5 days......etc. I did not set up an entity and did not elect MTM.......so I am using a Sch D for reporting trades and Sch C for expenses. I have a loss for the year........... The tax return will treat the loss as a capital loss with the $3,000 restriction against my unemployment income. How do I get the tax return to reflect the total loss as an net operating loss so I can net against income and carry balance forward and back [/quote] ========================================================== Unfortunately, you missed the MTM election as an individual by April 15, 2003 for 2003. If you are married, you may have a defacto husband wife general trading partnership with MTM elected internally. Read about this on our site here http://www.greencompany.com/Traders/TraderEntities.shtml#husbandandwife and then contact me for a consultation. Read our Missed MTM page here http://www.greencompany.com/EducationCenter/GTTRecMTMMissed.shtml -------------------- Robert A. Green, CPA & CEO GreenTraderTax.com Post Extras:       Pages: 1 Previous   Index   Next   Flat   Threaded   Extra information Permissions Misc 0 registered and 4 anonymous users are browsing this forum. Moderator:  NeuschwanderGTTCPA  Print Thread · You cannot start new topics · You cannot reply to topics · HTML is disabled · UBBCode is enabled Rating: Thread views: 6051 Rate this thread Jump to 1 star 2 star 3 star 4 star 5 star *Traders* -----   Trader Tax Status   Mark to Market (MTM) Accounting   IRS Exams   Trade Accounting   Retirement Plans   Entities   Self-Employment Tax*Investors* -----   Investors - General Questions*Hedge Funds* -----   Accounting & Software   Tax, Audit and Business*Proprietary Trading* -----   General issues & Pros/Cons of proprietary trading   Tax issues if working for a proprietary trading firm UBB.threads™ 6.3.2