Enhancing Profits Through Incorporating Message Board

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Non-Tech : Enhancing Profits Through Incorporating

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To: hpeace who wrote (16)	3/17/1997 12:45:00 AM
From: Maureen	of 88

steve, As I said, I had read through the book in the store. Also I have read some threads about trader status on some tax boards in AOL. You are right - from what I gathered - if you can get the trader status then you still get to report your gains on schedule D rather than on C (so you keep to lower rate) but the advantage is that you can deduct all the expenses of the real time quotes, research tools, etc... without the 2% limits. Mainly it looked as if you have to be having MANY short term trades to qualify,(I would guess all those options would qualify) and to run it as a business for large part of income, not a hobby. From what I know of your activity I would think you would qualify. Only thing I would wonder about would be if they might consider denying it if for the majority of the time you were doing most of the plays on one stock which of itself would be seen then as a long term holding. I'm sure the book will clarify it, although as I said it seemed a little too general...but get your CPA into it and I bet you'll come up with the right way to go about it! good luck with it, Maureen

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