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PureBytes Links
Trading Reference Links
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(Sorry for the late response to this item - I just returned home from the
hospital.)
This is a subject which has arisen before and was dealt with extensively on
this list. Trading profits are NOT "ordinary income", nor are they "earned
income". Gains from the sale of assets are expressly excluded from the
definitions of these types of income, do not create an obligation for
"self-employment" tax, and cannot be the basis for retirement accounts or
for deduction of health-insurance premiums as business expense.
Regards,
Carroll S.
-----Original Message-----
From: William Brower <1000mileman@xxxxxxxxxxxxxx>
To: Phil Lane <accumulator@xxxxxxxxxxxxxx>; omega-list@xxxxxxxxxx
<omega-list@xxxxxxxxxx>
Date: Monday, March 29, 1999 2:10 PM
Subject: Re: trader status question
>Ted Tesser has made it clear that it's not necessary to pay self-employment
>tax if you qualify for Trader status. Ted has detailed the requirements in
>his book .
>
>At 09:58 AM 3/29/99 -0800, you 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?
>>
>>
>
>William Brower
>Publisher of TS Express
>Email: 1000mileman@xxxxxxxxxxxxxx
>Web: http://www.insideedgesystems.com
>
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