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

To: Colin Cody who wrote (752)	3/11/1999 2:49:00 AM
From: The Prudent Investor	Read Replies (1) \| Respond to of 1383

Dear Colin: I have been an active day trader in 1997, but in 1998 got full time job and did not trade quite as often. Infact, I made no trades at all the 2nd half of 1998. I have not filed my 1997 return yet, so I guess I can still make Marked to Market election. However, I would like to find out first if I can do that, now that I'm not a daytrader anymore. If I can, what about that 4 year deal that one is required to do (something about only being able to deduct 25% of loss for 4 years?) I appreciate your feedback. Thanks in advance.

To: Colin Cody who wrote (752)	3/12/1999 6:28:00 PM
From: Colin Cody	Read Replies (1) \| Respond to of 1383

WARNING - APRIL 15, 1999 is the "official" FINAL DATE to elect MARK-To-MARKET for this year. If you've been thinking of going "mark-to-market" for 1999 do not let this date pass by. NO EXTENSIONS, NO EXCUSES. If you want to elect filing as a Mark-to-Market taxpayer for 1999 you MUST comply no later than April 15, 1999. Some more details below: Message 8250639 and even more (including info on various exceptions to the NO EXCUSES rule) will be posted soon on: traderstatus.com

To: Colin Cody who wrote (752)	3/14/1999 3:44:00 PM
From: Nelson Chang	Read Replies (1) \| Respond to of 1383

Colin: >>>MARCH 18, 1999 is the date that Trader Status MTM elections are being significantly changed.<<< I am filing for trader status and plan to elect MTM. So just to clarify things, I must elect MTM by this Thursday March 18 to be eligible for its benefits for the 98 tax year to be filed? And does that mean I must pay the taxes in full by March 18, or do I have until the traditional April 15? Hopefully, the latter. Last, can you give us a specific link to the IRS regarding this new rule for MTM? I'd really like to read up on it. Thanks in advance.