Daytrading-LLC Tax Arrears Cleanup

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Daytrading-LLC Tax Arrears Cleanup

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kbkl

posts: 1

Feb 27, 2008 12:32 AM ET Quote Report Abuse

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I`m trying to sort out a bit of a mess. I have not filed my personal taxes for `05 or `06 yet as I am uncertain of which path to choose. In Nov. `05 my wife and I set up an LLC (NJ) for the purpose of daytrading. Prior to the LLC formation I daytraded full-time in 2 other accounts set up as JTWROS. When I filed my `04 return (Apr 05) I included the required letter claiming 475(f) treatment (Mark to Market) for `05. After the LLC was set up (11/05) I opened a new brokerage acct in the name of the LLC and closed the other two accounts. The problem is we never filled a 1065 partnership return for `05 or `06 nor did I file the 3115 (due with the 05 return). We lost money in both 05 and 06 both prior to the LLC and in the LLC. I don`t `owe` any money from those years but I want to clear everything up. We didn`t trade after 06. At this point my biggest concern is that if I file a 1065 now I face large penalties for not filing. Can I just forget about the 1065 and show all the info on 1040 Sched E as if I had a K-1or should I file a Sched C for part of `05 and a Sched E for the balance of `05 and all of `06? If I do that I`ll miss out on several home office deductions that I could have shown on Scehd E as UPE (Unreim. Partnership Expense) My biggest concern at this point is not paying any penalties as I have a potential refund due.

barkwheats

posts: 35

Feb 29, 2008 8:56 AM ET Quote Report Abuse

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You may have already contacted these folks...but in case you haven`t, check

http://www.greencompany.com/

These guys are top notch and will get you straightened out on your tax issues. I traded for 2 years and used their knowledge of taxes for my benefit.

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