Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: Colin Cody who wrote (1703)	1/2/1999 2:17:00 AM
From: kaz	Read Replies (1) of 5810

After reading through this whole thread and searching the tax sites mentioned herein I must say I'm still confused about the advantages of declaring trader status (and just how does one do that?). Traders and non-traders are subject to the same $3000/year loss limitation, so that's no reason to switch. What about Mark to Market? Can either file thusly? And, from trying to parse the IRS' bubblebabble, I think Mark to Market requires the individual to pay Self Employment taxes. Is this correct? So, just what is the advantage to declaring trader status apart from impressing the neighbors? For the record, I have no income except for my trading profits (two wrongs may not make a right, but sometimes panicking at the right time causes enough mistakes to show a profit). Thanks for any help. Paul Kaz

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