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Client day traded over $1,000,000,000. The program does not go past $999,999,999. Help :)

kirk-ritchie
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itonewbie
Level 15

Can you override with the gain/loss without indicating any proceeds/cost bases and refer to a statement attached?  I'm presuming your client didn't quite make as much money.

I would surmise that the volume of your client's trading must be substantial and the activity may constitute trade or business.  Are these transactions being reported on Sch C, subject to SE-tax, but without cap loss limitation or Sch D?

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Still an AllStar

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1 Comment 1
itonewbie
Level 15

Can you override with the gain/loss without indicating any proceeds/cost bases and refer to a statement attached?  I'm presuming your client didn't quite make as much money.

I would surmise that the volume of your client's trading must be substantial and the activity may constitute trade or business.  Are these transactions being reported on Sch C, subject to SE-tax, but without cap loss limitation or Sch D?

---------------------------------------------------------------------------------
Still an AllStar
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