|
|
 |
EDUCATION CENTER
INTERACTIVE: GTT MESSAGE BOARD
Traders
>>
Trader Tax Status
|
bwclark
|
|
stranger
|
|
|
|
|
Reged: 02/06/06
|
|
Posts: 3
|
|
|
|
New Computer deduction
#544 - 02/06/06 05:18 PM
|
|
|
I am a Futures Trader and purchased a new computer in Jan 2005, and would like to deduct the expense via Sch C using Part II, line 13, Depreciation and sec 179 expense. I would
like to use sec 179 and deduct the full amount for 2005.
If I look at Form 4562, Depreciation, Line 11, "Business income limitation" do I use the maximum dollar limitation of 105,000? If it is zero(what I get since no income as a trader) then I get no deduction, which is incorrect? What should I place on Line 11?
As a trader, I have no income other than what is reported on Sch D. So, how do I manage to show income for 4562 in order to deduct the expense of the new computer?
I did have a gain for 2005, if that helps and it is greater than all expenses on Sch C.
bwc
PS I guess the explanation is in one of your books/guides. What do I need to buy?
PSS: I downloaded the ex. tax forms from your store. I understand now how to make the transfer.
Thanks
Edited by bwclark (02/07/06 09:46 AM)
Post Extras:
|
|
|
Re: New Computer deduction
#547 - 02/13/06 03:36 PM
|
|
|
Good glad you found the answer about how to do the transfer in the examples guides.
--------------------
Robert A. Green, CPA & CEO
GreenTraderTax.com
Post Extras:
|
|
0 registered and 10 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: 6807
|
|
|
|
|
|
UBB.threads™ 6.3.2
|
| |
