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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Colin Cody who wrote (1714)1/2/1999 10:40:00 PM
From: kaz  Read Replies (1) | Respond to of 5810
 
Colin,

I really appreciate your help. However, when I was visiting a relative over the holidays he pulled out his tax publications (he works for H&R Block) to try and answer some of my questions. Needless to say, there is absolutely nothing in Block's normal literature that deals with traders but there was a reference to Mark to Market. It was there that Self-Employment tax was mentioned. There was very little explanation, just sort of a definition of M to M. I believe you that traders don't pay SECA. I just wonder what the hell they were referring to in that manual.

Thanks again,

Paul Kaz



To: Colin Cody who wrote (1714)1/6/1999 7:24:00 PM
From: The Fly  Read Replies (1) | Respond to of 5810
 
I've read just about everything on the Fairmark site and have determined that I'm a Trader and will use Mark to Market. Also, it looks like I won't be subject to SECA taxes. I still have one unanswered question....will I be allowed to deduct 100% of my trading expenses from my gains? Expenses such as fees for Level II service, ISP costs, computer equipment, etc???


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