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Q: Investing as a business ( No Answer,   1 Comment )
Question  
Subject: Investing as a business
Category: Business and Money > Small Businesses
Asked by: prmail-ga
List Price: $4.00
Posted: 12 Jul 2005 23:02 PDT
Expires: 11 Aug 2005 23:02 PDT
Question ID: 542914
Hi,
   
   Me and my wife are in California. We both work on W2 ( Total income > 150K )
I also like to invest in stocks - I presume, that we can earn around
20-30K from stocks.

1. How can I show my investments as a home business so that we can
save some taxes.

2. My current brokerage account is in me and my wife's joint name - Do
we have to open it under any business name ?

3. Any other suggestions for saving taxes. I can give a good tip if
you provide me some actionable solutions.

Thanks !
Answer  
There is no answer at this time.

Comments  
Subject: Re: Investing as a business
From: taxmama-ga on 18 Jul 2005 12:51 PDT
 
Dear PR Mail,

Please read the article on TaxMama.com
about being a trader as a business. 
http://taxmama.com/Articles-Pro/traders.html

It's more involved than you might realize.
And if you plan to do this, definitely, 
absolutely, work with a tax professional who
understands this area of taxation. 

Don't ask me - it's not an area I want to which
I want to devote time.

Good luck. 

Your TaxMama-ga

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