Repeal Of 60/40 Tax Treatment!!!

Quote from Pig Porky:

i used to be mainly a stock trader. i sent that form to the IRS saying i want MTM. i'm wondering if going with MTM has any problems with 60/40 and futures?

what's the best thing to do?

i think i once read that someone wrote to the irs saying they want mtm for stocks only or something like that......
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You should have stated MTM for Securities only, this leaves futures at a 60/40 split for you. Don't elect MTM on futures unless you think you will never trade futures again profitably.
 
Quote from Pig Porky:

i used to be mainly a stock trader. i sent that form to the IRS saying i want MTM. i'm wondering if going with MTM has any problems with 60/40 and futures?
More...

greencompany.com have a remarkable and very useful tax education center. I do recall them having a number of articles that address your question specifically.

There are also quite a number of posts on similar topics here at ET., some answered by a greencompany.com rep, which is how I found out about their site. Do a search here for "taxes" and it'll put you in the right forum. amg
 
May 21, 2003
Chicago traders win tax victory


By Paul Merrion
WASHINGTON — The Senate killed a proposed tax increase for futures and options traders after a furious round of lobbying from Chicago exchanges over the last few days.

The original provision had been slipped into the Senate's tax-cut bill without debate last Thursday as a last-minute offset to keep the total revenue decrease to $350 billion. No similar provision was in the tax-cut bill passed earlier by the House.

complete article at ChicagoBusiness.com

Sometimes the big boyz (with a mob of little people behind them) score a win. Good work on the email campaign!
 
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