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Pastimes : ASK Vendit Off Topic Questions

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To: Vendit™ who wrote (11954)	4/30/2000 10:27:00 PM
From: monu	Read Replies (1) of 19374

Just saw your thread. Ok, here's my question. So far this year, I've bought and sold approximately 70 stocks. What am I? Actually, it's a serious question. If I keep this pace up and do nothing else as far as employment for the year, will I be considered an investor or a trader by IRS standards? Also, for all you that do this stuff full time, what kind of filings do you do? Someone once told me this isn't earned income, so FICA isn't involved. My understanding is that for the year 2000, I will need to file a schedule C & SE. How am I doing so far? What about deductions such as margin expenses? As you can see, I'm a bit green. What about estimated taxes? My own personal situation is that I didn't owe any taxes for 1999, so I assume I can wait until the end of year to pay all my taxes for 2000 and then if need be, estimates for each succeeding quarter. Any thoughts or directions on this would be appreciated. Bottomline is I intend to pay all my bills and living expenses by buying and selling stocks. This is the first year I would be doing this as my only source of income. Thanks.

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