that's even more depressing
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Niederhoffer In Trouble..... Again !!
- Thread starter cosmokramer
- Start date
that's even more depressing
I just can't understand the schadenfreude that goes on these boards. Tax trouble is a good thing. If you're going to have trouble, may it be tax trouble. You have to be making money to have tax trouble, therefore I suspect that 99% of the people on this board will never experience that.
Quote from nokomisjeff:
I just can't understand the schadenfreude that goes on these boards. Tax trouble is a good thing. If you're going to have trouble, may it be tax trouble. You have to be making money to have tax trouble, therefore I suspect that 99% of the people on this board will never experience that.
Wrong.
You quite obviously don't understand the tax laws. You can lose big money and have serious tax problems.
If you owe big money and can't repay it and the loan is written off then the amount of the loan becomes taxable income. And you then owe big taxes on the big written off loan.
"If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt."
I don't personally know Victor Niederhoffer, but I believe he is a genuine nice guy.
From looking at the number of friends and supporters he has (even after he blew up), I can see he is a gentlemen who cares about the peoples around him. As well, his friends and supporters seem to be nice peoples, which reflects the quality of his social circle and his lifestyle.
Through his website, he is contributing quite a lot to the trading community. Even though he blew up a couple of times, we can still learn from him. We should appreciate him for sharing his knowledge and mistakes with the trading community.
Let's not be Tony G.
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PA
From looking at the number of friends and supporters he has (even after he blew up), I can see he is a gentlemen who cares about the peoples around him. As well, his friends and supporters seem to be nice peoples, which reflects the quality of his social circle and his lifestyle.
Through his website, he is contributing quite a lot to the trading community. Even though he blew up a couple of times, we can still learn from him. We should appreciate him for sharing his knowledge and mistakes with the trading community.
Let's not be Tony G.
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PA
Quote from Pension_Admin:
I don't personally know Victor Niederhoffer, but I believe he is a genuine nice guy.
From looking at the number of friends and supporters he has (even after he blew up), I can see he is a gentlemen who cares about the peoples around him. As well, his friends and supporters seem to be nice peoples, which reflects the quality of his social circle and his lifestyle.
Through his website, he is contributing quite a lot to the trading community. Even though he blew up a couple of times, we can still learn from him. We should appreciate him for sharing his knowledge and mistakes with the trading community.
PA
yeah we can learn to blow up; then learn how to take money from suckers. you should learn to steal from old peoples pensions, and cut out the middle man.
Quote from spinn:
yeah we can learn to blow up; then learn how to take money from suckers. you should learn to steal from old peoples pensions, and cut out the middle man.
I just thought it's cheaper to learn from mistakes of others than to go through the mistakes myself. Maybe I am wrong?
Learning to take money from "suckers" is what trading really is about isn't it? Last time I read Livermore's book, it mentioned about suckers. Maybe he mentioned it for a reason or maybe he just wanted to fill rooms?
PA