Do I screw myself out of professional trader status if I do not declare professional status on my broker profile (which means paying higher exchange fees and commissions) and then claim on my taxes I am a trading business (and I trade often enough to qualify)?
Market Date designation and Professional status
- Thread starter SoCalOptionsWriter
- Start date
Apologies. That should be market data not date.
Robert Morse
Sponsor
STT and MTM have nothing to do with non-pro vs pro data. It is not a question the feeds ask. And commissions are not related to either.
IB rquires that I fill out a questionaiire and several questions relate to whether I am licensed trade or a professional. If I am, I suspsect my fees andcommissions are higher withthem, although I donot know how much; I just havent checked. But I waswondering of I just dont tell them and say I am a non-professional, if that could be used against me by the IRS, if they were to argue that I am not a professional, and have allowable deductions.