Buddy asked:


For index option trading, there is a 60/40 rule. 60 percent of the profit is considered long term capital gain. 40 percent is considered short term capital gain. Does anyone how to report this in turbox so that turbotax knows the 60 percent part is for long term capital gain?

Thanks.
Thanks.

BTW, I use turbotax online. How do I manually override with “long term capital gain”?

helpme asked:


kids currently get $850 investment income without taxes. If this year that make only 50 in dividends and cap gain distributions, but stock price went up equivalent to $1000, can I declare (850-50) or $800 in captital gains? Effectively increasing the basis. This of course would get me to 850 total investment income. The next question would be can I then not file a tax form since I’m below 850? Thanks

Curious George asked:


With my intention to make money, I started attending different real estate seminars, seeing properties, deals and so on from January 2007. This had some expense involved such as car mileage and education cost. I also bought my first investment rental property in August 2007. However, most of the expense such as car mileage and education cost were misc expense for real estate business and not directly related to this rental property. My question is how can I show my expenses which are not directly related to this investment rental property but they are misc/general real estate business?

1- Should I show all the miscellaneous/general real estate business expenses against this investment rental property in schedule E?

2- or should I have another column saying “Miscellaneous real estate expense” in schedule E and show miscellaneous expenses there, but this will have zero income as rental income is only from rental property?

3- or is there another way to show misc real estate expense?