Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: Nasty P who wrote (37)	10/7/1997 7:09:00 PM
From: Candle stick	of 5810

Also, even if you do truely have a wash sale, figure out if you qualify for a trader status which would allow you to deduct the expenses on Sch. C. Wash sale doesn't apply to dealers and traders. What are the real benefits of qualifying for "trader status"? Suppose I no longer have a "regular" job and daytrade most of the year. Must I file as a "trader" or can I just put "unemployed" on my return and file all my trading income as regular short term gains? Any ideas? thanks in advance, all of your comments on this thread have been very helpful.........;^)

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