Taxes/Trader status

[Honda]

I've read the requirements to claim trader status etc. Apparently the IRS frowns upon people doing this when they have another full time job. I have a full time job, but work nightshift and trade during the day. (I have a modest profit this year & average 3 or 4 trades a day ). Maybe someone who has some experience with tax laws can offer an opinion. Trader or Investor? Thanks.

 

[Free Thinker]

there is no set answer for this.it is a grey area in the law.it depends on a lot of things.
i would say go for it and be prepared to argue your case if by some slim chance you get audited.

 

[TriPack]

Honda,

Take a look at the following publication from the IRS. Pay particular attention to the bullet points and then decide for yourself whether you meet these requirements or not.

http://www.irs.gov/formspubs/display/0,,i1=50&genericId=12278,00.html

There are other informative publications on the IRS site, just do a search for "trader status" on www.irs.gov and you should find several that look at different aspects of declaring trader status.