Can anyone give me any info on the IRS tax designation

Q.My question is : Can anyone give me any info on the IRS tax designation, "Trader in Equities"? (I think that's what it's called). If one's primary source of income is through trading, I have heard that commissions, trading software, etc are tax deductable...daytraders are commonly registered in this way, etc. Searched the IRS website for 10 minutes, but couldn't find my answers about the conditions to fall under this designation

A.Asked my acct. about it last March. As I remember...... 1. You must register (how I don't know) with the IRS by some specific date (may have been March 31st). 2. If you do register as a trader, all gains or losses for the period from 1/1/** thru 12/31/** are accountable for that year based on the values of the securities on 12/31 relative to 1/1 whether you close out your position or not. 3. Yes, then you can deduct things like computers, internet fees, cellphones etc. (I use one for net access sometimes). Does not matter if you trade full time or part time. (Commissions are always deductible trader or not.) Not much but that is the gist of what I remember. I'm sure someone on here knows more about it than I. The above is what I think he said. May or may not be correct.

Other Questions :

IRS services Ltd - any experience of them?

I keep on getting a mailing from IRS (Independent Research Services) about a so-called "Successful Personal Investing" package. The idea seems to be that you subscribe for a series of courses on money management and investing which claims to cu...

IRS jobs thoughts please, no flames needed

I am considering a life-style change that includes a severe drop in earnings. I will not discuss my current situation. The life-style I am considering requires an estimated $36,000 USD per annum earnings. My questions are two: - if the net ...

Irs Audit Statute Of Limitation_Informations

By law, can the IRS audit in Statute of limitaion ? If yes, how far back can they go? What would trigger them to go back and look on prior year? If I just realized that I made a mistake on a prior year tax return, am I supposed to call them and...

Child Tax Credit by the IRS & Divorce

I am recently divorced, as of June 30th. The court awarded me all four children for tax purposes even though they live with my ex. My ex received a child tax credit check in the amount of $1,600 made out to both of us. She refuses to sign the c...

I went to the irs.gov site and looked at free efile.

I used to use telefile to file my 4868, automation extension for the form 1040. That has been discontinued. Now, we are supposed to use a free efile site. I went to the irs.gov site and looked at free efile. Most don't have 4868 and tho...