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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: Pierre Borczuk who wrote (3449)	3/18/1998 10:28:00 AM
From: Colin Cody	Read Replies (2) \| Respond to of 12617

Pierre, Trader Status is NOT a set of IRS forms. Trader Status is NOT something you "elect" to file as. Trader Status does not necessarily require you to register as a "business, done with filings outside of the IRS", although this would not hurt, and could help! . Trader Status is a CONCEPT, based on FACTS and CIRCUMSTANCES, as determined by the COURTS. For this reason you should retain the services of a Tax Attorney or CPA who has experience with the concepts of Trader Status. . Such representation should cost you $1,000 and up per year (possibly). Obviously you would only incur this kind of professional fee if your trader status benefits were SUBSTANTIALLY more than $1,000. . If someone merely has a $1,999 PC and $240 in ISP costs they want to write-off (for example), it wouldn't make sense to pay a pro to represent them, necessarily. i.e. worst case is the IRS would disallow the $2,239 deduction. (big deal). . A TRUE business should LOOK like a business. A Business HAS a CPA, or other representation. A Business HAS an office. A Business is SERIOUS, full-time, profitable, organized, etc. . Good Luck! . Colin