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

To: steve w who wrote (789)	4/12/1999 8:00:00 PM
From: Colin Cody	Respond to of 1383

Steve read through this web page for 1999 MTM information: traderstatus.com Note that there is an April 15, 1999 dead-line for 1999 tax returns that won't be filed until a year from now!! Colin

To: steve w who wrote (789)	4/12/1999 9:38:00 PM
From: Esteban	Respond to of 1383

It seems like a very odd situation for traders who elect MTM status for 1998. Seems you have more time to file for MTM for 1998 than for 1999! Yet filing for 1998 at the later time (with your return after filing for an extension) automatically qualifies you for 1999, at a date up to six months later than the 4/15/99 deadline for declaring 1999 status. Go figure! There is a form at tradertax.com that you can use (at your own risk) to apply for trader status and MTM. Quoting from the web site: "If you are electing mark-to-market accounting for 1998, you will do so with the filing of your original return on extension by its due date (including extensions). That election for 1998 automatically carries over to 1999. " Just passing on what I've read. I have no expertise in this area. Esteban