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

To: Colin Cody who wrote (111)	2/20/1998 2:45:00 PM
From: Len	Read Replies (2) \| Respond to of 1383

Thanks Colin... a couple of misunderstandings: 1) You said: QUESTION FOR YOU: Why do you believe that you as a TRADER get to deduct more than $3,000 in transaction losses (short-term capital losses)? Because I thought there had been a post to the effect that as a "trader," all gains/losses become ordinary, as opposed to "capital." I think you had also described the assets a trader sells as "ordinary" rather than "capital." Forgive me if I shouldn't have made that jump. 2)You said: NO, you are describing the reporting requirements of a DEALER, not of a TRADER. I was referring to the natural inclination that anyone filling out a Schedule C for their business would have, then describing the kinds of sales we are discussing here, and explaining why we can't do this because of the 1099B issue. That's why I made it one large paragraph. Thanks for the clarification.