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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: OX who wrote (44407)	4/13/2001 10:24:42 PM
From: Esteban	Respond to of 44573

Ox, have you elected traderstatus? I think you'll find that commodity trading is treated differently by the IRS than securities trading. Electing trader status with MTM accounting may not be a good idea in commodities, and besides, the accounting by the brokerage is already MTM. You may jeopardize the benefit of 60% of profits taxed at long term rate, and end up paying SE tax to boot. But I believe you can still use schedule C for expenses, if you meet the threshold for trading as a business. These are the things I'm trying to clear up. I did initially post on the most active tax thread, but no one had much to say about commodities. So I thought I'd try here where some futures traders post.