IRS, Tax related strategies--Traders Message Board

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Strategies & Market Trends : IRS, Tax related strategies--Traders

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To: Susan Saline who wrote (229)	3/16/1998 11:09:00 AM
From: Colin Cody	of 1383

Sue, Your analysis is right on target. Because of the hobby loss rule a taxpayer may have some explaining to do to the IRS agent, if audited! . And if you consider the misconception you can read here on S.I. by EXPERIENCED traders, you can just imagine the incredulous looks a revenue agent is going to give you! (g) . The Hobby Loss rule is ONLY A GUIDE. The COURTS have determined what a Trader is, and the courts are not bound by the hobby loss rule. . There is another way, the new 1997 tax act gave us the 475(f) election, which is NOT yet defined, but WILL change the reporting to some extent. . Colin

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