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Gold/Mining/Energy : Day trading in Canada -- Ignore unavailable to you. Want to Upgrade?

To: keith massey who wrote (1111)	11/6/1998 6:02:00 PM
From: the Chief	Respond to of 4467

That is correct Kieth. If they ever come knocking at your door, then you are not a "professional", you dabble, you therefore are no different than a person using a broker to make income that deals with CG and CL. If I fix lawnmowers ( I don't buy the way, it was an example) and I am making a tonne of $$ in the market from trading thru a broker, I am not a "professional" ! If I do it myself I still am not a professional! However here's the glitch, If you want to claim you are, you can, and you can write off a couple of grand of expenses a year, but now your income is your trading bottom line...there is never any capital gain! It is all income, if you lose your shirt one year, you cannot deduct yourself below zero! And you cannot go back if you make big bucks the next year and deduct against anything from the previous year. If you make $70,000 after you tally up all of your gains and deduct your loses you are now in a 51% tax bracket, instead of a 40%. I am no accountant, but I did seek advice...this is the best way! All I am saying is before you leap...talk to a tax accountant kid1 and others!!! the Chief