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Strategies & Market Trends : IRS, Tax related strategies--Traders
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To: mod who wrote (513)10/12/1998 9:57:00 AM
From: Colin Cody  Read Replies (3) of 1383
 
Dennis, I am not that familiar with the details of the MSA, but if you are required to have "self-employment income" I am confident in telling you that the gains in selling STOCKS and BONDS on form 1040 Schedule D do not constitute "self-employment income".
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There are court cases where Traders felt their gains WERE in fact from their self-employment, and so they then paid Social Security, and took Pension Plan contribution deductions. This was disallowed by the court.
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If you want self-employment earnings from TRADER activity, you need to get a little creative, perhaps with an alternative form of ownership of the brokerage account. A Corporation, as an example. This is where you probably should retain the services of a CPA who you can visit to keep your books and taxes straight.
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Colin
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