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PureBytes Links
Trading Reference Links
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You don't have to spend $80 for a book on Trader tax status. Just look
at an excellent summary on p. 144 of latest issue (dated 3/22/99) of
Forbes. It sums it all up.
Trader status is well worth achieving if you can back it up. You get
to deduct all those expenses, but no real advantage on income side,
since almost all your income is going to be s-t capital gains (no
disadvantage though.)
However, one warning. You'd better be a real active trader with a
good number of day trades. Otherwise, you probably will not be able to
make it stick. And at least the first year, there is a good chance the
IRS will want to see your proof.
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