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There has got to be a way to manually add a transaction to do what you want. Play around until you find it. By the way, the fact that TurboTax claims that the numbers are too large is a way to upsell you to a professional package. The fact is they are limiting the numbers the program can handle...

I'm not a tax professional, but I'll try to answer your questions anyway. 1. Did you hold a long position in SVXY or UVXY over the 2017-2018 year boundary? Or did you have a wash sale involving SVXY or UVXY that occurred over the 2017-2018 year boundary? If you answer "yes" to either of these...

There are no silly questions when it comes to these K-1s. Again, I am not a tax expert, so take my attempts at answers with a grain of salt. The "cumulative adjustment to tax basis" column is showing you which transactions in your history caused an adjustment to your tax basis (or cost basis)...

You are correct. Depending on where the numbers get transferred to from the K-1, the tax implications will change. Because SVXY uses futures contracts, the 60/40 rule benefit passes along to you so your tax liability will be lower if you held SVXY short-term. If you held it long-term, it seems...

I was looking at purchasing one of those lawsuits. I was lucky - I couldn't stomach the lawyer fees so I passed.

LLCs are great for one reason: to shield your personal wealth from lawyers. I would not have started a business had LLCs not existed.

You should at least look into the tax implications of using futures rather than spot and see if that might be beneficial to you. I seem to recall there could be a difference.

Right. So whenever you don't want a currency position anymore, exit it completely (back to USD).

Well presumably you would only be long/short a foreign currency if you wanted that position to be active. If you didn't, you can convert everything to USD at a moment's notice. This solves the "smattering of currencies lying around" problem. I guess I do not really understand why you would have...

Assuming you are a US citizen, you don't pay taxes on anything until you have a taxable event (like anytime you sell a foreign stock or you sell GBP). If you are saying that in order to pay your taxes, you have to have enough USD on hand to do so, then you are correct. If you had all your free...

Just run from your own machine (to cut down on costs and complexity) until you prove to yourself everything is working.

I would be shocked if FIFO would ever apply across multiple accounts. The new Trump tax reform ended up dumping the FIFO proposal I think: http://www.wealthmanagement.com/industry/fifo-rule-excluded-final-version-tax-bill

Since they are different accounts, you would report the gain from the one account and you would still be holding the loss in the other account. If you were to sell a stock for a loss and then buy that same stock a few days later in another account, the wash sale rule would apply. There is one...

Normally when a company pays a dividend over a long period of time, it has shown the ability to stay profitable through different market conditions. The tax implications for qualified dividends are a bonus.

Then you need to declare MTM. There are important deadlines associated with this declaration that you need to adhere to plus you need to demonstrate a certain trading activity level. I would suggest buying the GreenTraderTax tax guide as a first step and carefully read about your options. Then...

I mean if you really wanted to play the same game, you can just sell your XIV position and move into SVXY which will still be trading after XIV terminates. Or you can create your own XIV like position through options. But usually after getting burned by something, it is best to stay away for...

Summary: NYSE and Nasdaq claim competition is bad for traders/investors.

It went down that drastically by design. If you cannot bring yourself to understand why the price movement was justified, you shouldn't be trading this product. Even though it sucks that this happened, the best advice is this: close your XIV position and get on with your life. Once you close it...

Not positive, but I'm not sure IB would auto liquidate in afterhours trading (which is when XIV crashed). The 100% margin on VIX products would have helped though.

Theoretical unlimited loss potential by shorting UVXY. Buying puts you are limited in your loss to how much money you used to buy the put.