Prof and non prof registration

S

stylelad

whats the differance between professional and non professional traders? can I clain myself as non-professional in order to save money on quotes??
tx!
 
If you hold a series 7 license you must pay the "professional fees". They usually find you if you answer no to the question.
The fees are tax deductible either way, so don't be a piker.

e s
 
if I dont have any license I'm not registered with any state, federal or international securities agencies and not an investment adviser. i m not trading for a living its just a hobby. can I claim myself non-pro and work for a prop shop?
 
Quote from stylelad:

if I dont have any license I'm not registered with any state, federal or international securities agencies and not an investment adviser. i m not trading for a living its just a hobby. can I claim myself non-pro and work for a prop shop?
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If you are trading through an LLC, you have to pay the pro rates for market data since you'll just be trading in a sub-account, with the main account in the LLC's name. (All of your trades are in actuality being made in the in LLC name, not yours - you do not participate in the capital gains or losses of your trades in terms of your tax treatment)

If you answer yes to ANY of these questions, you are professional trader:

-Are you registered with any state, federal or international securities agency or self-regulatory body?

-Are you engaged as an Investment Advisor?

-Are you employed by an organization that is exempt from U.S. securities laws that would otherwise require your registration?

-Is your account or the account from which your are trading, in a business or organizational name (i.e. the LLC name)?

-Are you planning to use real time quotes for any reason other than personal use?
 
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