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Non-Tech : Datek Brokerage $9.95 a trade
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To: Jon Tara who wrote (3159)6/12/1997 5:53:00 AM
From: Eleleth   of 16892
 
Question to anyone who trades with Daytek:

Are profits from Daytek daytrading considered as capital gains? Just took a SOES course and learned that daytrades must be counted as regular income with a year-end 1099 issued by a SOES clearing house. SOES traders all set up Limited Liability Corporations and pay taxes quarterly. Tax barackets of many of them exceed 28%.

Do those of you with Daytek accounts who log several round-trips a day end up listing all of those trades on Schedule D forms at tax time? Is there a point at which the IRS says so many trades per day/week/month ceases to be capital gains and starts being regular income? If so, what is that point?

Thanks to anyone who can answer.

E

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