so-what is the benefits to declare yourself a trader? ability to write off unlimited amount of your losses? then they should name this election not a trader, but -bad trader(aka LOSER)
and if you elect yourself as trader and did not qualify on next year-then what?
One more downside: Once you make the election, you're stuck with it. You can't flip-flop each year. You'll need to petition your decision with the IRS. And remember, you're making this election for the 2006 tax year. If you didn't make this election last year, with your 2004 tax return, then you can't mark your trades to market on your 2005 return.
