IRS, Tax related strategies--Traders Message Board

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

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To: Street Walker who wrote (29)	2/16/1998 4:27:00 PM
From: Colin Cody	Read Replies (2) of 1383

S.W. you have described a CLASSIC Trader Occupation. That means, assuming you DO qualify, that your buys and sells go on Sch D as short-term gains/losses and your ordinary & necessary expenses go on Schedule C, RATHER than going on Schedule A, line 22. Have you been using line22?? It may pay you to look into Trader Status. You need a bit more than you described in your note, IMO, but you seem to be one who qualifies from what you wrote! Colin BTW I also have had established a Kill Key account for a couple years now, but never put any $$ into it or used it. How do you like it? I thought Level II was sort-of "included" on the Kill Key screen? How long have you been using it? 400 trades is about one or two 1,000 share flips a day. Is that about what you are doing? Is it worthwhile over the long-haul? I'm not really looking on doing it full-time, I have a CPA practice that takes up my time (g)

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