Day trading and the futures market in Laguna Beach ,

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Hi and thanks for the continous valuable information. With
respect to day trading such as the FOREX money market what are
the tax implications when you are in the green.
Thanks
A XXXXXXXX
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david ingram replies
The only way to make money in the futures  and day trading
market is by buying and selling at a profit.  Therefore, by its
very nature, it is a venture in the nature of trade and a
business and taxable at full rates.
You will appreciate this when you lose all the money this year or
next year and get to write off your losses against your regular
income.
At the risk of offending a lot of futures  and day traders, I can
say uncategorically, that in my 39 years in this business and the
preparation or supervision of thousands (over 2,000,000 returns
actually, I do not remember a single futures  or day  trader that
had a profit over a three year period.  I can think of dozens if
not hundreds who lost $100,000 or more when they thought they
had figured it out  and many lost their houses and careers.
Any other accountants want to comment on this?
David Ingram's US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
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Res (604) 980-3578 Cell (604) 657-8451
(604) 980-0321
New email to [email protected]
www.centa.com www.david-ingram.com
Disclaimer:  This question has been answered without detailed
information or consultation and is to be regarded only as general
comment.   Nothing in this message is or should be construed as
advice in any particular circumstances. No contract exists
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duties are expressly denied. All readers should obtain formal
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1. 3,000 other people sometimes give me a better idea or a better
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This list was $125.00 a year from 1992 to 2001.  It is free for
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Remember though, if you ask to be removed before your question
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david ingram - [email protected]
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 913-9133 - (604) 913-9123 www.centa.com
Cell is (604) 657-8451 (10 AM to 10 PM seven days a week)
US/Canada Real Estate Taxation Specialists
US / CANADA / MEXICO
Working Visa and Income Tax Specialists
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