i thought it would be a good idea to talk about taxes and trader status. So I'll start this thread with what I think are good resources I've come accross and anybody that has claimed trader status or has links to good sites dealing with it are welcomed to post. So far I know two books that talk about it, one is Ted Tesser's The New Trader's Tax Solution, 2nd edition 2005, and Robert A. Green's The Tax Guide for Traders, 1st edition in 2004. The first one i've got but have not started reading. The latter I just ordered it. You can go to amazon.com for reviews of these books and if want to buy, I think traderslibrary.com, they have the best price and if you sign up for their weeky newsletter, then get weekly specials like free shipping or free stuff.
Googling Robert A. Green, came up with an insightful website on taxes and traders, http://www.greencompany.com/index.shtml . i imagine there are many sites, so I will add when come accross. Well let's hope to get a discussion going. I might start to try to claim trader status this year so we shall see. Would be nice to hear from traders that actually do it. Is it difficult? Do you do it manually or use software like Taxcut or Turbotax?
catrader,
have a look here : http://www.3stocksonfire.org/trading/index.php?topic=4709.new#new
basonista has a thread already about using Turbotax ;)
BTW he has done a great job explaining how to transfer your trades into Tubotax if your broker is not supported by them. Sure can save a lot of time for some of us ;D
this seems like free software to importstock trades into tax programs, http://www.tradeaccountant.com/html/faq.html#G5 .
another good site for reading and learning, www.traderstatus.com
:)
good board with q&a within a listed site earlier, http://www.traderstatus.com/board/