SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Box-By-The-Riviera™ who wrote (311)12/25/1997 2:00:00 AM
From: henry jakala  Read Replies (2) | Respond to of 5810
 
Colin and Joel

i don't intend to seek trader status

will abide by Wash Sale rules and just put all cap gains on a Schedule D and forget about any writeoffs - having stated this i then understand that you are both of the opinion that SS and Medicare taxes WOULD NOT be applicable even though 100% of my income were made in this manner

as i originally posted - i've heard conflicting opinions but i suspect that those who pay the SS taxes must have Traders Status and its associated benefits. if one does not seek trader status and forgos its benefits then Schedule D is sufficient and SS/Medicare taxes aren't a consideration.

thanks much to both of you



To: Box-By-The-Riviera™ who wrote (311)12/25/1997 11:41:00 AM
From: Colin Cody  Read Replies (1) | Respond to of 5810
 
Joel, Other than the past readings on this BB, I've NEVER heard of any elction for a Stock Trader to "Mark-to-Market" and that by so doing he reports all gains from capital transactions (that belong on Sch D) as ordinary revenues and costs of sales (on Sch C).
.
Could you please give me a reference or citation as to what Regulation or Court Case (or whatever) you are referring to?
.
Thanks!
.
Colin


HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News