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I am not happy or willing to continue addressing the over emotional and IRS threatening comments of ahhaha on this thread. He may or may not be a qualified and a knowledgeable tax expert, we don't know, he has not identified himself. Please do so in the future.
I agree with ahhaha's important general comments that "trader" tax status has been tough to achieve in the past. I have been sending to all email requestors the Barron's article mentioned in my first post, which states that "relatively few of us qualify as traders. The term refers generally to those who, as a business or occupation, buy and sell securities on a regular, frequent and continuous basis, looking for quick profits from fluctuations in the markets rather than for long-term gains, dividends or interest." The article mentions a tax court case from 1991.
I have been practicing in the tax field since 1978. I have always advised clients on taking tax positions that were well researched, sound and that mostly importantly made good sense to me. The idea is to lower your taxes as much as possible based on the law, and your interpretation of it. Very few returns are audited, and even fewer tax positions are lost in audit.
I have taken similar current trend tax positions before over the past twenty years and sure enough the tax court cases or the law itself changed to match our positions taken.
You are very wrong about traders and computer executives. I'm sure many will take offense again to your comments about hobbies and ignorance of trading and business outside of their jobs. Ahhaha, please refrain from this derogatory tack on this thread. If you commence one more attack on the thread, and me I will have no choice but to consider no further participation. I encourage you to continue your participation in a more factual and positive manner. Please state your negative position on "trader" status with specific quotes of tax law, a statement if you can make one that the Barron's article is wrong and some more current tax court cases.
I am not trying to mislead anyone. I am interested to share my views on the current tax trends and other published information on tax trader status. If I gain new clients, I will be pleased for both the clients and myself.
I am prepared to offer excellent references to any new clients and prove my excellent track record of winning creative tax positions. |
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