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So a property tax is set based on your purchased price, not on the current value of the house? For a life? I've never bought a house, and missed the boat for housing bubble. As of the situation right now, it's hard to believe that the housing market would go up like it had been. I...

It might not take the US as long as it took Japan though. US always seems to prefer drastic and fast way to cure problems. In Japan, culturally laying off people and cutting unnecessary things off have been a hard thing to do, as the government and the community does not want anyone to...

Thanks for all the info. I had problems getting in a trade, not getting out the trade, both times... Sounds like it's not the connection, but rather I just have to brush up skills to get in, and also to accept that sometimes orders just don't get filled right away when a stock is moving...

In the past couple of days, I experienced that the my order did not get filled right away (I use cybertrader.). This might be a common thing for volatile stock, but I want to make sure that I've done my part for fast execution. I am currently using a regular DSL, and thinking about...

TheDudeoLife: I am totally thinking the same thing. I live in San Francisco, and a tiny and ok-looking condo in my neighborhood is easily over $500k. Even though people tell me that houses are almost always going up in SF, I just cannot logically feel that paying that much money for such a...

Oh, yeah, business is business. You got to make money. I was talking about him judging himself as a trader....

Harsh reality. I would think it would take more than 6 months for most of the people to be some what consistently profitable... 6 months sounds too early to tell whether you're cut out for it or not, and give up. But it might be a good time to think whether you like trading enough to keep...

Lucky you ! I might have to go to Mr. Green...

Thanks for sharing your experience with Green. Looks like the most challenge to me would be to prepare Form 4797 (mark-to-market method). Are you going to use his GTT TradeLog software program, or you just know how to do it?

A couple of people referred to me Robert Green, but none of them said that they use his service....Is it because he's expensive? I mean I understand the concept of "you get what you pay for." Anyway, While I was getting a report from other account on "C-corp" suggestion, I ordered a book...

Oh, I see. Another expense for entities.... I wish I could just file schedule C, and the IRS thinks that I'm legitimate...

Thanks for guiding me to the page. As I was reading everyone's response and the article, the importance of understanding the IRS's prospectives and views towards trader's status and returns is becoming more clear to me.

I've never hear of FICA tax. In CA, LLC has to pay a minimum of $800 franchise tax, but I thought you have an option of choosing a corporate entity or a disregarded entity for tax return. If you chose a disregarded entity, then I thought you won't be taxed at the LLC level, but only at...

Thanks for the comment. Yes, I will look around and check with accountants. My accountant who prepared my returns last year asked me to find someone else for mark-to-market accounting. I didn't realize this is so specialized !! Off-shore tax heaven, no, I will stay away from that thing...

It's so nice to brainstorm with people with experience. C-corp idea was presented to me by an accountant specializing for traders. I am supposed to call them up after reading their report on C-corp, and other stuff, but wanted to hear traders' experience and thoughts on this. Re...

I see. Sounds like many traders WON'T consider setting up an entity. That's good to know, because I thought you would almost have to do so in order to use tax benefits of deducting business expenses, all that. I am inclining to do an LLC. C-corp idea was presented to me for 15% tax rate...

Thanks. Yeah, I did review the IRS site and know that it's very difficult to get the status for traders with a full-time job... That's why I am considering setting up an entity to make it more official. I wanted to set up an LLC, because it seems to be less hassle paperwork, but an...

What type of entity does a trader chose? I have been day-trading actively and have a full-time job. I was told that a C-corp might be a choice for me, but am wondering the accountant might have suggested C-corp, maybe because they can charge me more??? In reality, can an LLC do just as good...