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

To: Kaye Thomas who wrote (468)	8/24/1998 9:44:00 AM
From: Tom_	Read Replies (1) \| Respond to of 1383

Re: Trader Status Mark-to-market election: Makes all trading gains/losses ordinary income/loss? Or... Makes just gains/losses on stocks still held and shown as marked-to-market at the end of the year ordinary income/loss? Many thanks, Kaye. Your website is a superb tool. Tom

To: Kaye Thomas who wrote (468)	9/11/1998 8:09:00 AM
From: Bruno Galliano	Read Replies (1) \| Respond to of 1383

Dear Kaye. I think your postings are some of the most valuable on this website. I have a furhter question to your following solutions: "Second, you can liquidate all positions and take 30 days off at the end of the year. That guarantees that all your losses will be allowed, and you can resume in January with a clean slate as far as wash sales are concerned." My 1st. question: Does the above solution wipe out all wash sales for the prior 11 months January thru November if everything is liquidated and all trades finished before November 30. My second question regarding Mark to market method: If I choose to use the Mark to market method for my securities and give up my use of longterm capital gains for securities in my tax return, does this then also mean that I lose my longterm capital gains on property that is sold on contracts etc. I have gains on property I have sold on contract with annual payments. The property has been held by myself for over 20 years. Each year a portion of the principal payments are treated as long term capital gains. I would not want to lose my ability to have those gains treated as longterm gains, by election of the "Mark to Market" method for securities. Can you clarify this if possible. Thank You. Bruno Galliano