Search results

Thanks for your response Who would I be employed by? I'm not paying self employment taxes. I don't have a w2 or pay taxes other then capital gains. That was always my impression. There aren't any bills under my name. I'm not paying rent or own any housing anywhere. I was living in a no capital...

Okay, thanks I'll look into that option.

Hi I've searched this forum and didn't come across any information. Any members have experience with this? I'm a US citizen and was living abroad for the past year. Do I have to pay state taxes on my capital gains from my futures trading? I'm unemployed and am doing this as my main...

Oh yes, I've seen the gasoil crk plus brent crude... The volume is pretty light, since you have to trade 4:3 the 2nd bids and offers only amount to 12 lots or so, which is like 1-3 contracts per se I'm not familiar with how the ho-cl / rb-cl volumes are on the nymex .. Are those the...

Okay seems like the only inter-commodity spread is between the WTI-Brent crude ..

You have to leg that spread together? Or is there a spread market that you can buy/sell to get long/short those products ?

3 years http://www.tradelogsoftware.com/tax-topics/futures/

Do you have to pay for office space? Using their charts or trading platforms? Are there any other costs tied to being with them

What products do you trade and did you make a profit the previous year ? Say you trade futures .. Made a profit in 2011 and took a loss this year 2012. Well if you made 50k in 2011 and loss 40k in 2012, you can get back up to 40k of what you paid in taxes 2011 plus interest ...

Thank you for the information .. I'm trying to avoid paying $1500.00 to file my futures trading and my w2.. Although a lot of cpa's in Chicago require a minimum of $700, but I think they deal with much bigger clients

Do you live near the loop? If all you need is a connection to trade why not save expenses and stay away from the loop area.. Cost for an office can be much higher. I'd go suburbs .. Unless you want the feel of working near downtown or something .. just my thought ..

I don't follow the index futures, but what was the volume like today? In the energy markets, it was like a holiday.. Didn't see nothing on the holiday schedule or articles why it would be.. I'm assuming it's the Olympics .. Today and last Thursday was low, but last Friday was average...

this low volume today relate to the Olympics .. i don't see any articles and nothing on the holiday schedule.. Volume seemed average Friday but low as well on Thursday of last week.. just looking for other thoughts

As far as I know this years income has a $3000.00 max you can use as deduction.. Other than that it has to be carry backward or forward..

Interesting, On turbo tax, I chose net section 1256 contracts loss election, typed in the carry back amount, and my refund went down by like $800. For those who have gone through this.. I suppose after amending last year's tax, I will get a refund? Also, if I carry back the same amount...

gains/losses are simply filed under the 6781 form.. i believe, losses are automatically kept track if you are going to carry forward the losses through turbotax. carry back losses, I'm not sure how to file.. Something about amending the previous years gains to carry back the loss...

From what I understand .... These losses can only be carried back to a year in which there is a net Section 1256 contracts gain, and only to the extent of such gain, and cannot increase or produce a net operating loss for the year. The loss is carried back to the earliest carry-back year...

Hmm mixed responses .. I've seen support for both views..

Hi , I've searched this forum, but haven't not came up with an answer. If I made a profit trading 1256 contracts in 2010 and loss in 2011. I want to check this forum before I head over to my cpa.. Why would someone elect a loss carry back versus a loss carryover to the next years...

Just searching for CPA's near/in Chicago that is familiar with filling form 6781 for the 60/40 tax treatment.. Any recommendations? Thanks in Advance!