IRS, Tax related strategies--Traders Message Board

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

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To: Colin Cody who wrote (386)	6/28/1998 2:56:00 PM
From: topwright	Read Replies (1) of 1383

Colin, I continually see your mention of "Special Considerations" referencing IRC Sec 475. Am I correct that this is the exception that you are referencing in this passage: TAKING LOSSES ...I was looking at online investor where an article stated that one should try and avoid being classified as a "professional trader" because otherwise you would only be able to deduct up to $3000 worth of [NET] losing trades per year while having to pay taxes on all [NET] gains. IS THIS TRUE !!!!!!!!!!!!! YES THIS IS GENERALLY TRUE (but there is a new exception available since late 1997) What exactly is this special exception/provision and what are the ramifications if exercised? RB

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