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I don't want you (Tim Smith) to be done with this thread even though it looks like you deleted all your old posts. I'm not trying to be a smart-ass here. I think the whole issue here is that an individual trader can be a sole proprietor without incorporating according to the IRS tax code. One...

Yes but it is possible to be straddling that activity level the whole year. Then you would not know until year's end if you could be classified as "trader" in the eyes of the IRS.

When you put it this way, it does seem cut and dry. However, when you read information on this subject, it is confusing. Some people on this thread are in disagreement with you. Not to mention that at one point in this thread you were saying an individual trader as a sole proprietor was a...

I understand what you are saying, but there is this whole section of the tax code dealing with whether an individual qualifies for "trader tax" status. Whether you are a "trader" in the eyes of the IRS basically comes down to the quantity and frequency of your trading. One year, you could...

I understand that, but you can be an individual trader and never "incorporate" (i.e., there was no definitive action that you took to become an entity), yet because of the frequency of your trading you qualify for "tax trader status." This entitles you to write off business expenses on Schedule...

I am talking about opening an account under an individual name using the individual's social security number. All the broker sees is an individual account. However, for tax reporting purposes, that individual claims MTM, has trader tax status, and files business expenses using Schedule C.

By the way, one definition of a sole proprietor is: A sole proprietorship, also known as the sole trader or simply a proprietorship, is a type of business entity that is owned and run by one natural person and in which there is no legal distinction between the owner and the business.

So here is where the confusion lies in my mind. Unless I am mistaken, Robert Morse is implying that sole proprietors are non-professionals. If you are correct, than anyone who claims trader tax status must pay for professional data fees. So who is correct? I have read instructions on different...

Sorry, I obviously did not understand your first post. Thanks for the clarification. Okay, so if I am an individual trader, not associated with any financial institution, and not incorporated, then I would be deemed a "non-professional". Correct?

Yes, this is the confusing part to me about IB's website. If I am filing a Schedule C for a sole proprietorship, and Schedule C is a form for "Profit or Loss from Business", doesn't that mean that a sole proprietorship should pay "professional" fees (based on this bullet point)? However, the...

One of these should be "non-professional", right? I'm assuming the first one.

Just to clarify, you mean that a sole proprietor is a non-professional but a sole member LLC is a professional?

Well, when you accuse other people of being "minor dictators", I think the other thread becomes pertinent.

I've read as much as I can about this topic, reading everything at IB's website and everything I could find about it on NYSE, AMEX, NASDAQ websites. IB's website seems to summarize the distinctions whereas the exchange websites go into more detail. And still, there is one grey area that never...

Ironic considering you would have no problem jailing employees who left your company by "stealing" open source software.

So if I want streaming quotes like before, do I even need to select US Securities Snapshot and Futures Value Bundle? The wording on this announcement could have been slightly clearer.

Man, I'm so glad the regulators are again protecting the little guy by breaking something that didn't need fixing and as a result, increasing fees. I sure feel protected by the SEC and other regulatory bodies. What a joke (again).

Now only if they had the balls to let financial institutions fail, we might be getting somewhere.

Twitter versus StockTwits in regards to breaking news. Any opinions?

Depending on the price of the home, you might be much better off renting.