Run, don't walk to a tax pro in your area.

Missy Doyle

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

suresh420[at]gmail.com at suresh420[at]gmail.com wrote:

- quote -

Generally, anyone can do that as long as they are capital
gains and losses. Just don't be trying to offset capital
gains with passive losses, like from rental real estate.

- quote -

AMT is a very complex calculation. It is often triggered by
high deductions and exemptions or income above $150,000 that
shrinks the exemption. There is nothing unique about
investment gains and losses that triggers AMT.

Are you referring to self employment tax? Gains on
investments are not considered self employment.

- quote -

Cows might fall from the sky or aliens might invade us.
What are you asking here?

All freely provided advice guarantee correct or double your
money back

Frank S. Duke, Jr. CPA
Cincinnati, OH USA

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

I have a tax question. Suppose a person had huge short term
capital losses, if he makes his living as a trader/investor:

1. Can he offset all his gains against the losses and not
pay any taxes?

2. Will AMT kickin, should he pay social security tax ?

3. What are the other consequences ?

Thanks for all your responses!

white_zombie69

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >