The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: ST Gain Loophole???||Date: 1/31/2000 11:35 PM|
|Author: Skwire||Number: 26567 of 120431|
Has anyone heard of a special classification for
someone who generates their income from trading.
(Something like a professional trader) This
classification allows them to avoid short term capital
gains taxes because they are not seen as capital
gains, but rather as income. I think I read something
about this somewhere, but I can't remember where, and
the more I thought about it I can't believe it is
true. I mean what then stops the card counter from
being classified as a pro and not paying gains on
their winnings? Any help/info is appreciated in
finding out if
1. There is such a thing.
2. Where I can find more information on it.
You may want to try running a search such as "active trader" in the search feature towards the top of the screen. I note that one post by TMFTaxes that was pulled-up by that search (Post # 13441, titled Trader Status) which contained, among other things, the following:
Since this is not the trader area, you might want to check out the Fairmark (http://www.fairmark.com) tax site. Kaye Thomas does an excellent job with dealing with trader issues.
Best of luck.
"The taxpayer -- that's someone who works for the federal government but doesn't have to take a civil service examination." -- Ronald Reagan
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