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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: mel221 who wrote (3851)	6/23/2001 12:26:49 PM
From: Colin Cody	Read Replies (1) \| Respond to of 5810

If you are a trader and have elected Mark-to-Market for the short-term trading account and have specifically identified the long-term account as not being part of your trade or business of securities trading, then NOTHING ELSE really needs to be done at this point. If you have not done the above, then the rule is first-in first-out OR specific identification as noted on the confirmation slip by your broker on the day of the selling trade. This could get to be quite a burden if you actively day-trade... one more reason for trader to elect M2M. Colin Cody, CPA traderstatus.com