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

To: kaz who wrote (1716)	1/2/1999 11:11:00 PM
From: Colin Cody	Read Replies (1) \| Respond to of 5810

My guess is a Trader Status return should never be brought to an H&R Block or Jackson Hewitt style office . FEW few people know what a Trader is. 99% of all CPAs haven't a clue. 98% of all tax attorney likewise. . That said - I'd guess that the SECA and Market-to-Maket stuff you saw in the H&R handbook was for a DEALER. A DEALER is more well-known and I'd say while most CPAs and Attorneys have never had one as a client, that 80%++ of them KNOW AT LEAST A LITTLE ABOUT THAT AREA OF THE LAW. Hence - why it was in the handbook. So that if it came up, a tax preparer could look it up. 99.9% of those looking it up would then confuse a Trader for an Investor or a Dealer. TRADERS are not DEALERS. Virtually "no one" knows trader status law.... EVEN the IRS staff themselves and worse, even IRS consultants, advisors and experts!!! Keep in mind that in 1994 only about 2,200 returns were filed as "trader status". That's out of over 100 million returns! It is not surprising that "no one" ever heard of Trader Status. Colin