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It depends. You will get a K-1 for the prop stuff from Jan through March 2008. You traded as retail from April through December 2008 and I assume you will get a 1099 for those trades under your personal name. Unless you applied for mark to market accounting by April 15, 2008 for the...

Just be careful of the wash sale rule. It may result in larger tax liability than you thought.

Actually, it sounds like the client wants 100% of his initial capital back in one year and then the client will only have the accumulated profits (house money) at risk. For such a tiny amount of money, they should take the $50,000 to Las Vegas. Their expectations are unrealistic...:cool:

I think Madoff is still accepting new clients. Don't go to his office, just put the money in an envelope and slip it under the door of his New York City penthouse...:D

That is so true. In order to close the budget gap, they want to raise sales taxes, income taxes, personal property taxes (on cars and boats), corporate income taxes, gasoline taxes, cigarette taxes, oil severance taxes, nickel a drink tax and a slew of other fee increases. The above sounds...

A local congressman was actually thinking along these lines. He was mad at all the banks getting billions, so he came up with an idea. Take the total federal income taxes that you paid in 2005, 2006 and 2007 and divide by 3 to get an average. This amount would be refunded to you when you...

You are so right, but I must say that Mu, Elo, Mup and the rest of the gang do a great job with the wave counts!:)

MER was acquired by BAC. WB was acquired by WFC.

I think an Obama victory is already priced in. An Israel bombing Iran scenario after the Obama victory and before Bush leaves office is not priced in yet. Israel has a friend in G. Bush. If Obama wins, I think Israel will try to take out Iran before the end of November. Is this what...

These folks need to go to debtors prison. Nothing fancy, just an electrified fence out in the desert and a guard tower. Throw them in there and I'll bet you that the debtor will have family/friends pay the debt to get them out. You can squeeze blood out of a turnip. Too many people in...

Fast forward to January 2009. You will get a 1099 for all your personal retail trading from January 2008 through June 2008. You will get a K1 for the prop stuff from July to Dec 2008. If you did no personal retail trading from July 2008 to Dec 2008, you should be fine since you didn't...

YHOO is damaged goods. With Yang & friends still around, they would damage it even more if someone tried to acquire it. YHOO is dead money for public shareholders.

I have friends who swear by tidal wave action of the ocean and astrology for stock timing/trading. Use whatever method brings you $$$.

Your friend needs to better manage his portfolio risk or the broker/clearing firm will do it for you. So, in answer to your question: yes, no

The casino, Ooops! I meant to say stock market will be open on Monday. The bond market and banks will be closed on Monday...:D

My guess it would have to be capital injection through the issuance new preferred or common stock. That would be dilutive to existing shareholders. JPM would not need or want to do this, but C, MS or NCC might do it since their balance sheet is weak or perceived to be weak. The problem is...

When I started, I was like everyone else, the more leverage the better. Over time my portfolio has grown and then some. I don't have the need for margin anymore...

Cash only for me. Have not used margin in over 10 years...

It gets your foot in the door. After that, it's all up to you. Over the years, I have seen both sides: Someone comes in, well focused, definate goals, works smart and advances up the food chain. Others come in with the MBA, but lack focus and desire and flail around. They struggle and...

42 and retired... Daytrade and play golf to keep the brain active and functioning...