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Strategies & Market Trends : LastShadow's Position Trading -- Ignore unavailable to you. Want to Upgrade?

To: Kelvin Taylor who wrote (31936)	3/8/2000 3:46:00 AM
From: Andrew B. Nelson	Respond to of 43080

Trader status- Kelvin, I really went into this with my accountant last year. The IRS is a vague on what will qualify and what not. Although this is my only source of income and do it full time with approx 750 trades a year they felt it was a no go. Reasons were that some positions were held longer than a couple of days (without being in a separate "investment account"),and not enough trades spread out through each and every day. There would have been a few advantages in that home office, computer, etc, could have been written off and wash sales don't count. A possible disadvantage is that you have to "mark to market" at the end of the year, as well as others. In the long run it didn't seem worth the hassle. You also have to declare ahead of time. Am sure others can shed more light on this. Andy

To: Kelvin Taylor who wrote (31936)	3/8/2000 5:30:00 AM
From: LastShadow	Read Replies (2) \| Respond to of 43080

Jeff Jordan might and Alien probably could, but I don't believe anyone else on this thread would qualify, but I could be wrong.

To: Kelvin Taylor who wrote (31936)	3/8/2000 7:00:00 AM
From: Jay Lyons	Respond to of 43080

My accountant felt that while I would qualify and it could save me a few grand if I was careful about keeping my investments seperate, at this time it would be akin to walking around with an "audit me" sign taped on my back. She thought it best to let others be the pioneers and if in a couple of years they turned out not to have arrows in their backs then we could revisit the issue. The following firm has a link on the MBTrading site, I've not talked to them. daytradertax.com And remember...it's never to early to start working on this years charitable contributions. cancer.org redcross.org hospicefoundation.org autism-society.org