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EDUCATION CENTER
INTERACTIVE: GTT MESSAGE BOARD
Traders
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Trader Tax Status
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Nghia
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stranger
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Reged: 02/27/06
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Posts: 1
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Part-Year Trader
#563 - 02/27/06 05:54 PM
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I was a full time trader in securities in 2004 and I elected MTM before 4/15/2005.
In 2005 I traded full time from January to May and lost a lot so I stopped trading and I got a job. Then from August I began trading again until now but not a lot, only part time.
My gross proceeds in 2005 are: $ 516,293, and total trades are: 550.
My questions are: Do I qualify as a trader? Can I use the MTM accounting method on my 2005 Tax return?
I really appreciate the help!
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Re: Part-Year Trader
#575 - 03/07/06 09:42 AM
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We need to assess trader tax status in a paid consultation. There are many factors. Sounds like you qualify for the first part of the year and may qualify again for the later part of the year. For the period you qualify, you must use MTM and complete the MTM process with the Form 3115 filing. Thanks.
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Robert A. Green, CPA & CEO
GreenTraderTax.com
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