topic Stock trading in Investors & landlords

Stock trading

Txcolonel — Fri, 18 Jun 2021 17:33:26 GMT

I have paid several thousand dollars for charting program expenses and for market news letters this year. Are these deductible expenses and if so, how do I enter them into my TurboTax Premier program? My market profits greatly exceed these expenses.

Thanks

Txcolonel

Re: Stock trading

Bsch4477 — Fri, 18 Jun 2021 18:29:17 GMT

Those expenses are not deductible unless you are a professional trader.

Re: Stock trading

Opus 17 — Tue, 06 Jul 2021 15:13:17 GMT

After tax reform the only investment expense that is deductible is interest you paid on money that you borrowed to invest elsewhere, and only up to the amount of income produced. Other fees are no longer deductible.

Re: Stock trading

noidaubachu — Sat, 18 Sep 2021 21:03:58 GMT

Can you clarify how one is classified as a professional trader/investor?

Re: Stock trading

Bsch4477 — Sat, 18 Sep 2021 20:14:29 GMT

To be considered a trader, you must meet all of the following conditions:

You must seek to profit from daily market movements in the prices of securities and not from dividends, interest, or capital appreciation.
Your activity must be substantial.
You must carry on the activity with continuity and regularity.

Re: Stock trading

QuinntinMiller — Wed, 10 Nov 2021 16:25:44 GMT

Guys, I'm new to stock trading. What literature or courses would you recommend to me?