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Strategies & Market Trends : Trading For A Living

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To: Shoot1st who wrote (143)	5/22/1998 4:43:00 PM
From: Colin Cody	of 1729

Shoot1st you used the word...."ordinarily"...are there exceptions. When we're talking the IRS Code, there are most ALWAYS some exceptions, (g) but none that you would normally ever come across. My personal belief was that if I were a professional Poker player I would be subject to this tax.... And you would be correct too! I don't see a big diff between the two. But the COURTS see a difference! The main/basic difference is that a Trader makes money when he sells CAPITAL ASSETS. Antique traders who buy one asset at auction with hopes of selling it for more money at a later date would incur this tax...no? An Antique DEALER would be subject to SECA tax, I believe. I don't know what an "Antique Trader" is though... If you mean a casual sale once a year, then NO, it would not be subject. If I deducted overhead..tele costs..quote costs..etc....would I not technically be a business? Not necessarily. One has little or nothing to do with the other... I do not personally deduct any investment related expenses except when I "Margin" permanent life insurance contracts. That interest is then deductible. It is deductible if directly traced to bona-fide taxable securities .........thanks for your prior response purchases, and then only as limited on Schedule 4952, IF you want to give up L-T gains treatment, as you probably would, if your a Day Trader... Good Luck! Colin

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