IRS, Tax related strategies--Traders Message Board

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

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To: Daniel Elkayam who wrote (205)	3/6/1998 12:42:00 AM
From: Box-By-The-Riviera™	Read Replies (1) of 1383

NO............unless you think you can elect trader status........... and mark to market.... ( in addition).... Colin correct me if I am in error............... (now I'm starting to get confused) cap gain losses are limited to the 3000........in that year....the rest you will apply to future years until it's all used up.... If you have trader status...and mark to market...then the cap gain/loss becomes ordinary income.... and all the loss can be deducted on sched C........... but mark to market is forever..... and you will also have self employment taxes,,,,,,if any..... which i think you will pay a minium medicare and soc sec of some kind in spite of the losses..... but Colin can better answer it........ I'm not really keeping track anymore.... re: who's on first, 2nd and third with trader status............. also...........how do you define losses..... do you mean after 900 trades you had a loss........ or only some of them were losses???? the 3000 rule applies to the bottom line........for all your trades for that year totaled up..... not individual trades. in more other words....did you make a profit after you add up your 900 trades...or a loss.....if it's a loss...then you apply the 3000 rule. Joel

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