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Your cpa is most likely wrong. (I do not know all the facts in your case) but
tell him/her to check irc sec. 475(f)
I trade for a living. I also have been a tax professional for 35 years. I
still practice tax. You or your tax accountant may contact me directly if you
wish.
brent
Phil Lane wrote:
> several sources on the web are telling me it's not necessary to pay
> self-employment tax if you declare Trader status. Especially if you order
> the book. Sounds great, but the cpa says not really, since it's "ordinary"
> income (just like you get with a real job <g>).
>
> wahhhhh??? (tm goh.com) or what?
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