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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: foxtrot  Read Replies (1) of 1729
 
Tax Situation : If you are an individual investor,trader,you are not self employed.
If you are in the business of managing other peoples accounts and they pay
for your services and you have an income from it you do a sch c(unless you
incorporate or become a partnership). Then you pay federal income tax and if
profit greater than $400. u file 1040schse and pay the 15.3% self employment
tax. For individual, and if u itemize,on sch A expenses line 20 subject to 2% agi
limitation. The expenses are involved with whatever it takes to manage(or trade)
your investments.
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