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Understood, they like to double cross their T’s and double dot their I’s. There is no IRS form to declare or renounce Trader status as there is for MTM. Trader status is something you choose to use or not each year just like any tax credit or deduction you are qualified to take. There is...

There are definitely some major advantages to MTM for equities traders, like the big one you pointed out. This is exactly why the IRS is being so harsh to traders because instead of just being able to carry forward $3k in losses each year, those with MTM can claim huge refunds in certain cases...

Then I don’t understand what you are saying because here are your quotes from this thread: “Trader status will get you the 60/40 treatment” This is incorrect, all section 1256 contract receive 60/40 treatment whether or not you choose to file as the IRS defines a Trader in Securities...

This is basically correct. The prop firm is seen as one single entity to their clearing firm, so they just need to be in line with haircut requirements and undue concentration levels as a whole. Additionally most firms have traders who put up a more substantial amount. There are traders with...

Vhehn thinks there is a designated form for declaring Trader status and bondtrader50 thinks all traders have to pay SE taxes. I have given all the free advice I am going to, believe all the falsehoods you like. Now I remember why I post on a different website for actual traders, and leave this...

Just to show how stupid bondtrader50 is, here are the IRS guidelines: http://www.irs.gov/taxtopics/tc429.html To quote the IRS: “Gains and losses from selling securities as part of a trading business are not subject to self–employment tax.”

One more attempt: If you meet the IRS guidelines for Trader status, then you can deduct trading expenses. That is it, there is nothing more to it. A completely different and separate issue is whether you want to declare market to market or not. SE taxes have NEVER, EVER been due on capital...

Yes. Let me see if I can simplify a little. If you have a complex situation, like being the member of a prop firm, have another job, trade for a living but maybe not trade enough, have complex mark to market issues like claiming to recoup past losses etc. then you have to get qualified...

You are an idiot, really. Trader status has nothing to do with 60/40 or not, it has to do with section 1256. SE tax is a separate issue. Your post was wrong. All the information is on the web, and your tax software will confirm it. If you were a pro trader you would have already done this...

Most of you are completely misinformed, and frankly I am getting a little tired of explaining this. If you don’t even know the very basics of trader taxes I doubt you know enough to remain a professional trader for long. Self employment taxes are not due on capital gains. Period, end of...

You can’t ask for a less likely time to trade then New Year’s Eve after the market closed and with all the futures markets closed, but someone has been selling hundreds of thousands of SPY significantly lower than the close. The ES closed 1113.25 and the equivalent trading going on in the...

But you can cut your loss at any time and walk away from the trade. Why can’t you cut your loss on a home and walk away too? The laws and contracts specifically show that default is a possibility and that is why lenders charge what they charge and supposedly ask for credit ratings, down...

The opening post pointed out the idea of a single homeowner vs. a company. Since we know for a fact companies walk away from bad deals all the time, whether they be real estate or otherwise, I still have yet to see a comment from anyone who can show people are “immoral” and businesses are...

It looks like they did it simultaneously in the Euro, Yen, and Swiss Franc. I saw it and looked to see how far it moved the equities, but since it was a mistake or an orchestrated stop run the ES did not move at all.

I think most of us agree this is a good idea, so it would just be a question of how exactly it is implemented. Baron, Do you still consider your idea viable?

As mentioned here by Baron in this thread: http://www.elitetrader.com/vb/showthread.php?s=&threadid=168825 “EricP and others: If you'd like, I could create a private forum where you and other serious traders could interact with each other without newbies and trolls disrupting the...

Take one day off, or lose your job forever if you are a frequent trader. You don’t have to get a lot of traders to agree just a number of big ones. If the spreads go wide, what possible difference would that make? The only thing you care about is reducing overall volume on that day so the...

I happen to agree. Here is my post from March 3rd on page 135 of this thread: If I wasn’t concerned that it would bring unwanted attention to this issue, I would suggest you enterprising traders start a campaign for a demonstration day. If this tax was passed as proposed then every prop firm...

Total unemployed including part time and marginally attached at 16.8%. http://www.bls.gov/news.release/empsit.t12.htm Seems pretty high to me.

Why is no one proposing a quarter percent additional tax on all gambling? Gambling is addictive and adds no social value according to these people and you can’t make a living playing slots, craps, roulette, etc. It is just the traders who should pay? It’s OK to con minimum wage people...