In article <6b190e84-c2a9-498e-9cc4-282558de7424[at]79g2000hsk.googlegroups.com> ,
Brew1 <brew.one[at]gmail.com> wrote:
- quote -


Filing the 3115 (a royally ugly form to fill out) is one shoe.

The other shoe is to formally elect for the Schedule D mark to
market. It might seem one or the other is sufficient, but both
the formal election and the change of accounting method are
required.
--


ArtKamlet at a o l dot c o m Columbus OH K2PZH

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On Jul 28, 3:01*pm, "Phil Marti" <prm20...[at]verizon.net> wrote:
- quote -

of their trading in January and in the summer,
with infrequent trades the rest of the year. As to primary activity,
topic 429 does mention this as one of four factors:

Typical holding periods for securities bought and sold.
The frequency and dollar amount of your trades during the year.
The extent to which you pursue the activity to produce income for a
livelihood, and
The amount of time you devote to the activity.

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"Brew1" wrote:

- quote -

Do you have some personal experience regarding IRS's treatment of people who
claim trader status for some activities, but not as their primary
occupation? Pub 550 certainly implies that such activity, which includes
reporting expenses on Schedule C, is allowed. If IRS is doing something
else in practice I'd like to hear about it since I've recommended several
people look into trader status.

--
Phil Marti
Clarksburg, MD

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clarification of a "timely election":

http://www.irs.gov/taxtopics/tc429.html

"In general, the mark-to-market election must be made by the due date
(not including extensions)
of the tax return for the year prior to the year for which the
election becomes effective."

I lost a client over this issue (don't shoot the messenger), but I
think I was better off without him.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Jul 28, 12:19*am, ayeshah...[at]gmail.com wrote:
- quote -

highly unlikely
to accept your position. Full-time, primary source of income is
different.
Also, if you want to use mark-to-market, you must file a 3115 by April
15th PRIOR
to the year you want to change accounting methods.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

ayeshahill[at]gmail.com wrote:
- quote -

http://www.irs.gov/taxtopics/tc429.html
should help you out.
Joe

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Need some tax advice

I am thinking of spending time playing the ETF/ stock market. Can I
make this a business ?
ie do my taxes for this activity via Schedule C ?

Is this a possibilty ?

If so, can I deduct all my expenses in Sch C like commissions, laptop
purchase, internet charges, etc.

Pls let me know.

Thanks in adavnce,

Ayesha Hill
USA

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >