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#4
06-12-2007, 05:06 AM
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 Re: Mark-to-Market question <nickr...[at]gmail.com> wrote: - quote - > nickra <nickr...[at]gmail.com> wrote:
OK, here is my thought - you won't qualify. Mark to market> > Bill Brown <brow...[at]longwood.edu> wrote: > > > nickr <nickr...[at]gmail.com> wrote: > > > > I want to take MTM for one account jointly held with my wife > > > > -- but keep our other jointly and single held accounts the > > > > standard accounting method, what ever that is called. Can I > > > > do this? Or is it all or nothing for both of us? > > > It's probably nothing. The mark to market election is > > > available only for taxpayers who qualify as "traders." > > > Traders are people who are in the trade or business of > > > buying and selling stocks for their own account in an effort > > > to time short term market swings, not make longer term > > > investments. > > I qualify as a trader; my wife does not. Can a joint account > > be selected as mark to market? > No thoughts? involves an accounting method that segregates the equity section of the balance sheet. Are you trying to use this to books a tax loss? << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#3
06-08-2007, 05:22 PM
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| Re: Mark-to-Market question nickra <nickr...[at]gmail.com> wrote: - quote - > Bill Brown <brow...[at]longwood.edu> wrote:
No thoughts?> > nickr <nickr...[at]gmail.com> wrote: > > > I want to take MTM for one account jointly held with my wife > > > -- but keep our other jointly and single held accounts the > > > standard accounting method, what ever that is called. Can I > > > do this? Or is it all or nothing for both of us? > > It's probably nothing. The mark to market election is > > available only for taxpayers who qualify as "traders." > > Traders are people who are in the trade or business of > > buying and selling stocks for their own account in an effort > > to time short term market swings, not make longer term > > investments. > I qualify as a trader; my wife does not. Can a joint account > be selected as mark to market? << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- > |
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#2
06-06-2007, 08:39 PM
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| Re: Mark-to-Market question Bill Brown <brow...[at]longwood.edu> wrote: - quote - > nickr <nickr...[at]gmail.com> wrote:
I qualify as a trader; my wife does not. Can a joint account> > I want to take MTM for one account jointly held with my wife > > -- but keep our other jointly and single held accounts the > > standard accounting method, what ever that is called. Can I > > do this? Or is it all or nothing for both of us? > It's probably nothing. The mark to market election is > available only for taxpayers who qualify as "traders." > Traders are people who are in the trade or business of > buying and selling stocks for their own account in an effort > to time short term market swings, not make longer term > investments. be selected as mark to market? << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- > |
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#1
06-05-2007, 07:20 PM
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| Re: Mark-to-Market question nickr <nickr...[at]gmail.com> wrote: - quote - > I want to take MTM for one account jointly held with my wife
No thoughts from this learned group?> -- but keep our other jointly and single held accounts the > standard accounting method, what ever that is called. Can I > do this? Or is it all or nothing for both of us? << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- > |
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06-05-2007, 07:20 PM
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| Re: Mark-to-Market question nickr <nickr...[at]gmail.com> wrote: - quote - > I want to take MTM for one account jointly held with my wife
It's probably nothing. The mark to market election is> -- but keep our other jointly and single held accounts the > standard accounting method, what ever that is called. Can I > do this? Or is it all or nothing for both of us? available only for taxpayers who qualify as "traders." Traders are people who are in the trade or business of buying and selling stocks for their own account in an effort to time short term market swings, not make longer term investments. More information is available at Kaye Thomas's web pages http://www.fairmark.com/traders/ << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
06-04-2007, 02:29 AM
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| Mark-to-Market question I want to take MTM for one account jointly held with my wife -- but keep our other jointly and single held accounts the standard accounting method, what ever that is called. Can I do this? Or is it all or nothing for both of us? << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- > |
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| marktomarket, question |
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