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

To: Colin Cody who wrote (352)6/17/1998 12:57:00 PM
From: Adivino  Read Replies (1) | Respond to of 1383
 
This seems to me the only advantage of being classified as a Trader for tax purposes. Profits from short term gains if your not a Trader is taxed at a lower rate then if you are a Trader, once you declare yourself as a Trader to the IRS you are taxed on earned income.

If this is wrong please correct me.



To: Colin Cody who wrote (352)6/17/1998 3:14:00 PM
From: Robert A. Green, CPA  Read Replies (1) | Respond to of 1383
 
The RIA quote says "traders and dealers in securities." I called RIA and their editor desk says I read it correctly to mean a trader in securities as well as a dealer in securities.

Due to confusion on this point, I have asked RIA and they have agreed to send me in writing a full clarification of this point. I will post it on receipt, expected to be a few days.



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