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Has anyone filed as a trader?

Discussion in 'BBS Hangout' started by Air Langhi, Apr 7, 2009.

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  1. Air Langhi

    Air Langhi Contributing Member

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    Has anyone on this board tried to file as a day trader to the IRS? I made like 900 trades last year, but did have a job.
     
    #1 Air Langhi, Apr 7, 2009
  2. DarkHorse

    DarkHorse Member

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    Yup... and it was a pain. My broker was able to give me a quicken file with all of my transactions, and I was able to export from quicken to TurboTax.
     
    #2 DarkHorse, Apr 7, 2009
  3. Dr of Dunk

    Dr of Dunk Clutch Crew

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    If you use TDAmeritrade, you can be an Apex trader and use GainsKeeper to download all your transactions in to whatever tax program you use. It's free for Apex accounts.
     
    #3 Dr of Dunk, Apr 7, 2009
  4. wakkoman

    wakkoman Member

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    900 trades? Wow who's your broker? I hope you were pretty profitable considering you're spending 6 to 7k minimum in commissions.
     
    #4 wakkoman, Apr 7, 2009
  5. ling ling

    ling ling Member

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    Why would you want to file as a trader?
     
    #5 ling ling, Apr 7, 2009
  6. BetterThanEver

    BetterThanEver Member

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    If you file as a trader, does that mean your profit is taxed as regular income instead of short term capital gains?
     
    #6 BetterThanEver, Apr 7, 2009
  7. wtfamonkey

    wtfamonkey Member

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    not unless you use something like wells fargo.
     
    #7 wtfamonkey, Apr 7, 2009
  8. Two Sandwiches

    Two Sandwiches Member

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    Yes, I am a importer/exporter.
     
    #8 Two Sandwiches, Apr 8, 2009
  9. Air Langhi

    Air Langhi Contributing Member

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    If you file as trader you can claim more 3000 dollars worth of loses.
     
    #9 Air Langhi, Apr 8, 2009
  10. pippendagimp

    pippendagimp Member

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    fixed! :p :D
     
    #10 pippendagimp, Apr 8, 2009
  11. mrm32

    mrm32 Member

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    Wells fargo offers something like 100 free trades a year for customers with like 25+ grand in accounts, investments, loans and etc.

    I tried to sign up for their brokerage program but I'm not that high and their transactions fees are quite up there at about $15per
     
    #11 mrm32, Apr 8, 2009
  12. Air Langhi

    Air Langhi Contributing Member

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    Actually what is putting me over the 3k limit is my company stock plan. They apparently put the value of what it is worth at what time they award it on the w2.
     
    #12 Air Langhi, Apr 8, 2009
  13. ling ling

    ling ling Member

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    I don't think you can count all your investments as trading accounts.

    You have to specify which one is trading account and which one is long term investing.

    You have to prove that your job is to day trade. i.e. not hold another job and trade as a hobby.

    Here's some more info.

    http://www.fairmark.com/traders/irsguide.htm
     
    #13 ling ling, Apr 8, 2009
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