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I've been down the M2M road before and you have to be careful how you proceed down this path. If you're not careful ALL of your accounts will be lumped into the M2M designation when you may not want them to be. If you have a different account that you use for long-term investing it will become...

There is no limit to the number of years you can carry forward a capital gains loss. In this case you can deduct 3k for the next 20 years.

First, I should tell you I am not a CPA or a tax professional but I've been around the block a few times and I believe your accountant is correct because a 1099-MISC qualifies you as a private contractor and as a result, converts your income to "earned income" rather than Capital Gains income...

You guys are passing judgment without all the information. If he were payed as an employee at the trading firm it may be considered "earning income," in which case his accountant is right. Only 3k will be deductible on his return but at least he can deduct 3k per year for the next 8 years and...

What was your status at the trading firm? Were you an employee? K-1 partner? Independent Contractor? This is probably the issue that is getting you.

LOL. Perhaps now someone will. What a great idea. How much does a mega magnet cost these days? :)

That's quite an interesting background. Thanks for sharing your knowledge.

LOL! That's funny :D

Agree! Ed Breen has made quite a contribution to ET. One of the better threads I've seen in a long time. Ed, if you don't mind me asking, what is your background? Are you an economics professional?

This is true but does this work in advanced economies? No, but that doesn't mean we won't go back to a barter system and trade sweaters for bread someday. Money is debt until further notice.

At the risk of stating the obvious, your knowledge on this topic far exceeds mine but it seems to me that all Bernanke did was post-pone or perhaps soften the degree of the depression we are trending towards. The key is going to be the states. The Feds can print as long as there is moderate...

You are spot on here. My buddy works for a Capital Equipment engineering/sales company and there seems to be no end to the amount of orders he receives (which aren't many) that are turned down by the bank and the deal falls through. These are businesses that want to add or replace a food...

More setups and let me pick the ones I like but I've been in the game for decades. A beginner would probably want fewer setups and more direction. It sounds like you're doing a service or planning to. How about splitting it down the middle and throw everything out there that you find with...

Isn't the cream supposed to float to the top? Let the shit fall to the bottom so at least we can flush it down the drain :D Kidding aside, I agree with one thing you said....all this will occur very slowly like the frog being boiled. By the time he feels the heat it will be too late...

Ed, I could read what you wrote about 10 times and I still wouldn't be able to follow the paper trail completely but I can come to one quick conclusion (which I knew before I read what you wrote): The Entire US Monetary System is one gigantic shell game that will eventually look the way...

Sounds to me like he's got one. Most folks would have 5k left.

If they haven't fired her by now they never will. I've never seen someone call tops so consistently as her by issuing such bullish bull shit. I swear, the folks at GS must be in the back office laughing their asses off when they put her in front of a camera. Oh wait! Never mind, they are...

You're close but not quite there. Herein lies the problem. Banks want to get as many people in as much debt as they can and keep them there for as long as possible, much the way the Pharmaceutical Companies want to see every man, woman, and child consuming some sort of pill for the rest of...

Ummmm.....air, earth, fire and water are compounds, made up of elements. I take it you skipped college?

:D