Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I paid quite a bit of money last year to a specialized accountant to help me work through tax issues related to stock options.

Somewhere I read (can't remember where) that I can deduct these tax prep fees on Schedule C versus Schedule A where I would first have to meet the 2% floor?


I have no other use for Schedule C in 2006, otherwise...


If, and it's a major if, you were a professional trader, your costs would be deductible on Schedule C. In order to be a professional trader, you have to file an election with the IRS by the due date of your return for the year BEFORE the election takes effect, not after the fact.

Ira
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.