IRS, Tax related strategies--Traders Message Board

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Strategies & Market Trends : IRS, Tax related strategies--Traders

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To: Colin Cody who wrote (27)	2/16/1998 2:24:00 PM
From: Street Walker	Read Replies (2) of 1383

Trader Status........................IRS audit I consider myself a full time trader. It's my only source of income. I wake up 5 days a week 1 1/2 before the market opens and search for hot news, along with analyzing news all day. I pay for real time data feeds to run expensive charting and TA software. I pay for cable to have my data feed and to watch CNBC all day. I pay for Level 2 and for a real time news service. I have 3 phone lines to run a couple of computers/internet connections. My execution software: vlcn.com I buy stocks only for the day. For the most part, I will only be in a stock less than a half hour. 100% cash at the end of the day. If there is not a good play, I don't force it. I have gone several days before making a play, yet I'm in front of the computer with my SOES software when a timely play arrives. Last year I made over 400 trades. This is my only job. It's the best home office job to ever have. I love it! I bought Ted Tesser's book and it looks like, by his definition, that I can declare myself as a TRADER. I can deduct my monthly business costs etc. Would an IRS audit dispute this? S.W.

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