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Strategies & Market Trends : IRS, Tax related strategies--Traders -- Ignore unavailable to you. Want to Upgrade?

To: Colin Cody who wrote (42)	2/16/1998 4:44:00 PM
From: Susan Saline	Read Replies (1) \| Respond to of 1383

Is it not true, that you may only take a loss on Schedule C, 3 out of 5 years? If more, the IRS considers the business a "hobby" rather than a trade, and therefore the expenses (bottom line loss) after 3 years, are not deductible on Schedule C Sue

To: Colin Cody who wrote (42)	2/16/1998 4:44:00 PM
From: Street Walker	Read Replies (1) \| Respond to of 1383

Daytrading with the Kill Key Hi Colin, I've been using the Kill Key for a couple of years. Level 2 use to be free but Nasdaq required them to start charging. They offer the cheapest level 2 for only $150/month. Is daytrading worthwhile? I'm not someone who goes on a trading frenzy. I position myself in front of my computers so that I'm in the "right place at the right time" when breaking news develops on a stock. My profits are considerable because my trading capital has increased, with losses kept to 1/16 - 1/8. I'm getting better at trading and will have more trades for '98. It was a real struggle when I first began daytrading a couple of years ago do to lack of discipline, lack of rules, lack of information. You wrote: "It may pay you to look into Trader Status. You need a bit more than you described in your note, IMO, but you seem to be one who qualifies from what you wrote!" What "bit more" do I need? Please explain. S.W.