Active Internet Traders can be treated differently for tax purposes (receive many more tax breaks) than regular Internet Investors. "Active" includes day trading but also lower levels of active trading. You can still qualify for these tax breaks if you have a full-time job besides your active trading. A full explanation is freely available at greencompany.com
This topic is intended to be used by Active Traders to post questions about their special tax status and for interested tax professionals to post answers.
It is not too late to get these tax benefits on your 1998 income tax returns. Whether you made or lost money trading in 1998, you can pretty easily increase your 1998 tax refund by $5,000. These new "Traders in Securities" tax breaks became law in 1997 and 1998. 1998, is the first full tax year for which these tax breaks can be utilized. Unfortunately, these new tax breaks are not widely known and some accountants don't realize that their clients may qualify to use them.
You can read free information all about these trader tax status laws and benefits in the Traders' section at the Web site greencompany.com
Please come back here at this topic page of SI Short-term Trader Stock Talk to post your questions and answers. |
