IRS, Tax related strategies--Traders Message Board

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

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To: Trader J who wrote (504)	10/9/1998 7:57:00 AM
From: Kaye Thomas	Read Replies (1) of 1383

For now, the best information on how to file the section 475 election is that you attach a statement to the return for the year for which you are making the election. But as I said, the IRS is supposed to come out with guidance on this by the end of the year, and if they meet that goal (there's no guaranty they will) then you'll do whatever they say in that guidance. Colin points out that there's plenty of information on trader status and tax rules in this thread, but neglected to mention that there's also plenty of misinformation on that subject here, too. I'm sure Colin will be the first to agree with that! So: caveat lector. Meanwhile, bear in mind that the election is irrevocable and causes you to report all trading gains as ordinary income, not capital gain. Kaye Thomas, author Fairmark Press Tax Guide for Investors fairmark.com

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