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

To: Daniel Elkayam who wrote (208)	3/6/1998 12:21:00 PM
From: Box-By-The-Riviera™	Read Replies (2) \| Respond to of 1383

I don't think so........ your kinda stuck...... Colin should rule on this..... trader status is really only good for expenses (not losses) that normally you would put on sched A, subject to the 2% rule....by allowing you to put them on sched c...you get to deduct 100%....regardless of the 2 % rule.... but gains and losses still reamain on sched D......... and of course, the 3000 loss limit rule will still apply........ you are, I am afraid to say, inside a rock and a hard place......... but..........on the bright side.....you will have some losses from 97 to carry forward into 98 if you make a profit on your trading......or indeed...you can add to any losses which are less than 3000......but colin can answer this much better I'm sure. yes, mark to market is a mark down or up of holdings you owned in 97...into 98..... marked to price as of dec 31 97........ Good luck Joel