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Strategies & Market Trends : Active Internet Traders - tax questions & answers -- Ignore unavailable to you. Want to Upgrade?

To: Robert A. Green, CPA who wrote (5)	1/28/1999 9:14:00 PM
From: stock leader	Respond to of 31

Hey, I'm a CPA too....All those greedy i'net day=traders will have to pay tax on their gains at ordinary income rates(at a maximum rate of 39.6%)....So if these people are listening, I have a message for them--PAY THOSE TAXES OR THE IRS IS COMING AFTER YOU!!!

To: Robert A. Green, CPA who wrote (5)	1/28/1999 10:03:00 PM
From: Jon K.	Read Replies (2) \| Respond to of 31

Thanks for your generous offer, Robert: I didn't think you would reply after my rude posting. I'd like to make an apology for my harsh comments. "Sorry" (That must have been one of my losing day <g>) I'll shoot the question: Let's assume I make $100,000/yr from my full time job. Also made $100,000 from trading stocks with about 500 trades annually. Spending about 30 hours/week. 1. Can I be qualified as a trader? 2. If I didn't have my full time job, would it make any difference? 3. If I made half of my trading income from regular account and the other half from tax deferred pension account, how does it affect my trader status? 4. Can you give an example who will be 'safe' to report as 'trader with MTM election'? What are the key qualification factors that decides the status of a trader? TIA, Jon