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 (56)	2/17/1998 6:57:00 PM
From: Dan Duchardt	Read Replies (1) of 1383

Colin, I'm currently unemployed- received my last rather larger than normal paycheck in early February. I intend to set up a trading station at home and derive my income exclusively from trading. With any luck I might be 50-50 on my income from the job and from trading. 1) Assuming it is appropriate at all, are there any special problems with declaring trader status for part of the year, or would it be better to wait for a full year to even think about it? 2) What is the downside to having trader status? Doesn't self employment imply certain costs like social security taxes that might exceed the tax benefits of being declared a trader? Dan

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