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Its laughable to say that only 1-2 out of 100 or 1-2 out of 20,000 traders can make money in the long run. Dollar cost average long into the indexes and hold, and your sucess becomes 100%. Sucess only drops to 1-2% if you're impulsively trading each and everyday trying to market time a...

I think the answer to this question is that all income or loss on the K-1 should be recorded in Box one as Ordinary business income (loss) and NOT in box 8 as Net short-term capital gain(loss). This is how I did my 2005 return and I beleive it was correct. I disregard the box 8 entry on the...

TurboTax asked me if did I materially participate in the business in 2006. Here is there explaination of Material Participation. Material Participation You materially participate in your business if you are actively involved in the operation of your business. You materially...

Also - when I'm a partner at a prop firm, am I considered to be an active or passive partner? Because different rules seem to apply. I was going to go with a tax accountant but I met with two H and R block accountants and they didn't seem to know what they were doing like I was the first...

Well I've decided to fill out the tax form myself using TurboTax. My question is this I have two K-1s from 2005. But of them record a loss. But in one K-1 the loss is recored in Box 1 of Part 3 on the form as Ordinary business income (loss). And on the other it is recorded in Box 8 as...

I have an extention till October 15th to file my 2006 return. 2006 was a losing year for me as was 2005. In both years I traded stocks at a prop firm (so I have a K-1). I also traded stocks and futures. My question is how much loss can I carry forward. I haven't elected mark to market...