IRS, Tax related strategies--Traders Message Board

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

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To: RookieTrader who wrote (459)	8/20/1998 8:50:00 PM
From: Colin Cody	Read Replies (1) of 1383

You are asking about LAW and about FORM to REPORT all at the same time! . Sec 475 makes Trader capital gains/losses ordinary gains/losses, and it eliminates any carryover from one year to the next, ie. all Trader paper gains/losses (including any Trader wash sales losses) are recognized. . What do you guys think the chances are that the IRS will sort out the "trader status" thing and make it into IRC and then inturn make it easier for us to file for 1998? A snowball's chance in hell. . Congress is working on tightening 475 up. Too much was given away, IMO, so starting in 1999 or 2000 it should be up to snuff, IMO. . Colin

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