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jwt
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Reged: 11/01/03
Posts: 3
Loss carry-forward/back for day trader new
      #27 - 11/01/03 11:38 AM
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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

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GreenGTTCPAAdministrator
CPA & CEO
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Reged: 10/31/03
Posts: 275
Re: Loss carry-forward/back for day trader
      #29 - 11/01/03 11:53 AM
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[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

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