IRS, Tax related strategies--Traders Message Board

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

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To: Dan Duchardt who wrote (62)	2/17/1998 7:26:00 PM
From: Colin Cody	Read Replies (2) of 1383

Dan, There was a case in 1991 where the taxpayer traded 71% of his $9m annual transactions were done in FIVE months on a year. . The Court seemed to be swayed by this lopsidedness and called him an INVESTOR. I'd suggest you have your CPA review that 1991 case before you file for 1998. . Self-employment is generally NOT an issue because generally "ALL" revenues are Capital Gains reported on Sch D, not subject to the SECA Tax. . The downside you want to consider is the FAILURE RATE of new first time TRADERS. Commissions of $40,000 to $80,000 per year are not uncommon. You must make a lot of great calls to cover that nut before you even see any net return for you to make a living off of. . Colin

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