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Strategies & Market Trends : LastShadow's Position Trading -- Ignore unavailable to you. Want to Upgrade?

To: tom pope who wrote (13272)	4/24/1999 6:55:00 PM
From: Susan Saline	Read Replies (3) \| Respond to of 43080

trader status I have looked into it and yes it is worthwhile, for those of us who are full time traders you must pay estimated quarterly taxes, no big deal ... that's easy but there is a question though ... a schedule c filer must not have more than 3 years of losses on Sch C out of 7 years (I believe that is the correct number), otherwise the IRS considers it a "hobby" and therefore a loss in the forth year is not acceptable. Schedule C is used ONLY for expenses, as a trader. Therefore shows only a loss each year Income from trading goes on Sch D (capital gains) there is no SE tax ... because there is no gain on the sch C