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linuspop

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linuspop

Re: CelticHerb post# 19156

Thursday, 02/02/2006 5:33:46 PM

Thursday, February 02, 2006 5:33:46 PM

Post# of 33450
Celticherb-you might find this link useful...and also check out the link "More Tax Tips for Day Traders" within the text.

http://taxes.yahoo.com/tips/invest/daytrader.html

The IRS doesn't make it easy to achieve "trade status," and doesn't give us "investors" much of a break - sorry. Also, if you haven't been paying quarterly estimated taxes and you have capital gains from 2005, be prepared to pay a penalty (@ 4-5%, I think). A tax preparer or accountant could better advise you...
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