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

To: Robert A. Green, CPA who wrote (355)	6/22/1998 2:25:00 AM
From: lizard lick	Read Replies (1) \| Respond to of 1383

Colin, Just spent the better part of 3 hrs. reading every post on this thread. Thank you and ALL the others who have spent so much time trying to do nothing but help. Despite your clear definitions and interpretations, my insecurity re. the filing issue leads me to request of you an opinion on the following specifically, not unlike scenarios described previously throughout the thread: Assume I run a sole-proprietorship as a daytrader and am not employed otherwise. Assume I meet ALL conceivable requirements necessary to achieve trader status. Assume I am profitable as such and my records/bookeeping are complete and impeccable. Am I, until laws dictate otherwise, actually able to deduct expenses via Schedule C, report income in the form of capital gains via Schedule D, all the while avoiding self-employment taxes? And, again considering the preceding assumptions, could I expect to hold my own if audited based on the tax law as we (you) know it today? Thank you in advance.