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Strategies & Market Trends : Trading For A Living -- Ignore unavailable to you. Want to Upgrade?

To: David R. Parker who wrote (124)	5/22/1998 2:19:00 PM
From: R Stevens	Read Replies (1) \| Respond to of 1729

David, good information. Especially interesting is the three internet accounts(ISP), I have a lady friend's account that I can use as a back up while she is at work, in case my ISP goes down. That is a real concern and it is good to have a second way to connect to the internet if your provider(ISP) is down for some reason. I also like your tax approach. RS

To: David R. Parker who wrote (124)	5/22/1998 2:59:00 PM
From: agent99	Read Replies (1) \| Respond to of 1729

Are you sure that you can't deduct expenses? I was under the impression that expenses for the purposes of producing income (including investment income) are deductible as miscellaneous expenses but subject to a 2% of adjusted gross income limitation. (In other words, any miscellaneous expenses in excess of 2% of adjusted gross income income would be deductible).

To: David R. Parker who wrote (124)	5/22/1998 5:00:00 PM
From: Monty Lenard	Read Replies (1) \| Respond to of 1729

Although a trader and an investor treat gains and losses the same way, a taxpayer may prefer when possible to qualify as a trader because a trader is not subject to the 2-percent floor on itemized deductions and is not subject to the investment interest expense limitation. A trader also generally can exclude trading gains and losses when computing self-employment income. However, a trader must compute self-employment income by including gains and losses from dealing in or trading Section 1256 contracts when the trader is an options dealer or commodities dealer. A dealer's investment account transactions may qualify for trader status if the nature and extent of the activity meet the judicial characteristics of the trader definition. Monty