[quote=SK in CV]Not terribly difficult, and it’s unrelated to having a full time job. Just have to follow the rules. There’s a firm that specializes in setting them up, http://www.tradersaccounting.com. I’ve heard mixed reviews.
Why exactly would you want to?[/quote]
Well, I was talking to 2 cpas this week, and looking at my trading history for the years, they indicated it *might* be possible for me to reclassified as a “trader” for the purpose of 475(f)….
However, they did warn me about the risks too. It was more of a brainstorming then action.. I wanted to get a third/forth opinion on it…
I was thinking being otherwise full time employed as a software geek might be an issue.
From the perspective of trading volume, frequency, duration, amount, and percentage of realized income versus everything else of income, I would probably be ok, at least based on what others have written about it…
I don’t have the proper structure setup (obviously not yet).
Basically, I think I would be better off if I could report all my short term flips/etc on a schedule C versus schedule D.
What generally are the litmus tests? Does being fully employed as a geek simultaneously cause issues?
