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

To: Robert A. Green, CPA who wrote (94)	2/19/1998 1:40:00 PM
From: peter michaelson	Read Replies (2) \| Respond to of 1383

Thread: Re: Trader Status - So much smoke I can't see the forest, let alone the trees. Let's assume John Doe decides to use trader status. Now, is the following agreed upon? Expenses from trading activities are reported on Schedule C. No income is reported on Schedule C. Capital gains and losses are reported on Schedule D. The sole advantage of trader status is avoiding the 2% miscellaneous deduction and other Schedule A limitations. The End.

To: Robert A. Green, CPA who wrote (94)	2/19/1998 1:58:00 PM
From: Box-By-The-Riviera™	Respond to of 1383

Didn't you say you were leaving? Either way.....all of your posts on SI have been in regard to trader status and how your firm can help people. None of your posts have anything to do with stock analysis. People should know that your own posts (all of them) are meant to drum up business.... hope you got enough to pay for your membership fee on SI. Joel

To: Robert A. Green, CPA who wrote (94)	2/19/1998 9:34:00 PM
From: Colin Cody	Respond to of 1383

Bob, Nothing wrong with being AGGRESSIVE and pushing the envelope to THE LINE -- as long as the preparer has "substantial justification for his position". . One might think following the applicable court case decisions that have consistently been handed down over the past 50 years would be something to draw their "substantial justification" from. . Please reply to the questions asked of you... preferably one per message so it can be discussed and digested for the benefit of all readers. . Colin . Oh and you are WRONG (g) regarding this: >>Most tax professionals probably agree with Colin and his >>position is the conservative one in this regard (in our opinion). Virtually EVERY Tax Preparer, H&R Block, EAs PAs CPA and Tax Attorney alike haven't the slightest CLUE what I'm talking about regards TRADER STATUS. . Just look at CNBC when they have a CPA or other tax pro fielding phone calls. Everytime I see them some wise'n-heimer calls and asks about this or that about TRADER STATUS and the answers given are always WRONG. Unless the FEW that are AWARE enough of the issue to answer "Sorry I don't know, check with your own CPA" Those ones have my respect! . It's the others (in good faith) who answer AS EXPERTS things like "Traders must take Margin Interest on Schedule A, subject to the limitations" that drive me WILD!!! . CC