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 (2191)	5/11/1999 12:19:00 AM
From: kaz	Read Replies (3) of 5810

Hi Colin. I'm hoping you can help me since I must now deal with the IRS (very pleasant, I must say, but "Trader Status" seems utterly meaningless to them). They are not accepting that trading is a business (they contend further that if I file a Schedule C, I must also file for Self-Employment). I spent a good half hour with them today going over my Schedule D line by line. They always want to include the short term capital gains with the long term when computing the tax (so I would actually be taxed twice). How can I get them to understand that the short term gains are treated as regular income on my Schedule C and not capital gains on Schedule D? I filed under Trader status and elected Mark to Market accounting. Your help would be most appreciated. Thank you, Paul Kaz

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