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

To: Box-By-The-Riviera™ who wrote (98)	2/19/1998 7:36:00 PM
From: Spots	Read Replies (2) \| Respond to of 1383

Joel, whoa. I followed you to this point, but self-employment taxes? (Don't explain what they are; I know that; this is a question about applicability.) If I interpret what you're saying, assume you are a professional trader for tax purposes. You can mark to market and report that as business (ordinary) income on sched C, or report gain/loss on Sched D. If your report income in C,you're subject to self-employment taxes (and benefits(?), eg Keogh). Did I state these choices more or less correctly? Is it elective which you do or are there other qualifications? Let me be clear that I'm asking on the asumption that one has qualified for trader status, not to reopen that issue. Regards Spots