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Non-Tech : MB TRADING
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To: Gary Korn who wrote (1032)9/6/1998 12:43:00 PM
From: William W. Dwyer, Jr.  Read Replies (1) of 7382
 
Gary,

I have a bunch of written stuff on the IRS rules for qualifying for trader status and I'll look for them later. But, basically, I recall you must be able to show your trading is substantial and that your trades are very short-term, treating your positions more like inventory than investments, stuff like that. If you daytrade and do it for a living, I think it's relatively simple to qualify. And, as you know, you just claim it and prepare your tax forms that way. The IRS can challenge you if they want during an audit. I'm sure someone reading this will post a more definitive answer soon enough.

Bill
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