IRS, Tax related strategies--Traders Message Board

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

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To: GT who wrote (358)	6/22/1998 9:17:00 PM
From: Colin Cody	Read Replies (1) of 1383

Gorcon, Please re-re-re confirm this for me as this would make my day - if not my year. . There is absolutely NO WAY that a TRADER (not to be confused with an INVESTOR or a DEALER) is subject the SECA tax on his trading gains. . What would be subject to SECA might be a fee you charge for consulting on trader strategies you render to others, for example. . There are court cases where taxpayers/traders VOLUNTARILY paid the SECA tax (so they could take a pension deduction, for example) and the Tax Court FORCED them to reverse the statnce. . Hope you make enough $$$ to replace the old job. BTW there's nothing that says you can't have BOTH jobs, on TWO DIFFERENT Schedule Cs. . If your fear is: I decided I would maintain my builder status so as not to have the irs try and classify me as a self employed investor/trader THERE IS NO WAY, NONE, NADA, EVER ANYWAY THAT AN INVESTOR OR NORMAL TRADER WOULD BE SUBJECT TO SECA. . ONE POSSIBLE EXEMPTION (VERY RARE CASE) IS IF A TRADER ELECTS OPTIONALLY TO GO "MARK-TO-MARKET". THIS ISSUE NEEDS TO BE ADDRESSED BY CONGRESS - OR THE COURTS. IT HAS NOT BEEN TESTED OR DEFINED TO DATE. . Colin

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