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Active
Trader Magazine seems to have articles on the subject from time to time so you
may want to check that out as a reference source.
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I
think the October 2002 issue had an article that touched on mark to market as
well as how the IRS views the trading profession.
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Good
Trading,
<FONT face=Arial color=#0000ff
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Joe
J.
<FONT face=Tahoma
size=2>-----Original Message-----From: uhehs@xxxxxxxx
[mailto:uhehs@xxxxxxxx]Sent: Friday, October 25, 2002 4:54
PMTo: Metastockusers@xxxxxxxxxxxxxxxSubject: RE:
[Metastockusers] Re: Active Trading & Taxes
<FONT face=Arial color=navy
size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt">Gary
(and others):
<FONT face=Arial color=navy
size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt">
<FONT face=Arial color=navy
size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt">I have
been knee-deep researching this aspect of a trader’s
activity.
<FONT face=Arial color=navy
size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt">
<FONT face=Arial color=navy
size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt">I’m
still working on getting more specific and will try to put out a full report
of what I come up with.
<FONT face=Arial color=navy
size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt">
<FONT face=Arial color=navy
size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt">Keep
in mind, I’m not a tax advisor, so I’m studying this stuff from scratch and
even enlightening two CPA friends of mine on this
topic.
<FONT face=Arial color=navy
size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt">
<FONT face=Arial color=navy
size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt">Briefly,
these are some of my thought processes:
<FONT face=Arial color=navy
size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt">
<FONT face=Arial color=navy
size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt">-setting
up and LLC whose sole purpose is “Securities Trading”<SPAN
style="mso-spacerun: yes"> (to be noted on Schedule “C”) and have
that LLC pay me a salary with which I can contributed to a retirement account
for myself; and/or one for the
LLC itself…………..maybe, I’m just
brainstorming.
<FONT face=Arial color=navy
size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt">
<FONT face=Arial color=navy
size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt">-I’m
still undecided on electing the Marked-to-Market method of
accounting.
<FONT face=Arial color=navy
size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt">
<FONT face=Arial color=navy
size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt">-……not
sure if I will take the Home Office deduction or
not.
<FONT face=Arial color=navy
size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt">
<FONT face=Arial color=navy
size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt">…….just
some thoughts, for now.
<FONT face=Arial color=navy
size=2><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt">
<FONT face=Tahoma color=black
size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Tahoma">-----Original
Message-----From: Gary
[mailto:gary.keeney@xxxxxxxxxxx]<SPAN
style="FONT-WEIGHT: bold">Sent: Friday, October 25, 2002 2:33
PMTo:
Metastockusers@xxxxxxxxxxxxxxx<SPAN
style="FONT-WEIGHT: bold">Subject: [Metastockusers] Re: Active
Trading & Taxes
<FONT face="Times New Roman"
size=3><SPAN
style="FONT-SIZE: 12pt">
<FONT face="Courier New"
color=black size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 'Courier New'">I've found
tax information (and related, entity structuring) at the
<SPAN
style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 'Courier New'; mso-fareast-font-family: 'Courier New'">following
sites:www.greencompany.com/tradertaxstatus.htmtradersaccounting.comwww.traderstatus.com/www.daytradertax.com/www.strategiclegalservices.com---
In Metastockusers@xxxx, <uhehs@xxxx> wrote:> Hi
all.> > I understand there are some specific
tax laws related to what we are doing.>
> For those of you who rely solely on trading profits for
income, can you> discuss tax implications and/or
strategies you are using?<SPAN
style="COLOR: black"><BR
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face="Courier New" color=black size=2><SPAN
style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 'Courier New'">To
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