Anyone can answer this situation for me?
I have been full time doing stock day trading at home since the second half of last year in 2004, but the trading account is under my wife`s name, the trading account is a taxable individual investment account. I trade over 50 trades each day, and may buy and sell same stocks on same day. My wife(Green card holder) has a full time employment job, We would like to report tax jointly for 2004,
The question is: In this situation, Can I qualify for a stock trader (tax status) if the trading account is not under my name? Can we report the capital gain/loss using the form 4797 if we select the "Mark to Market" and claim some trading expenses such as computer depreciation and books.
I visited an IRS local officer today, but she can't answer this and told me that someone from IRS would call me to answer that in next few days. I hope I can figure out this before Apr. 15. Thank you for any help in advance!
I have been full time doing stock day trading at home since the second half of last year in 2004, but the trading account is under my wife`s name, the trading account is a taxable individual investment account. I trade over 50 trades each day, and may buy and sell same stocks on same day. My wife(Green card holder) has a full time employment job, We would like to report tax jointly for 2004,
The question is: In this situation, Can I qualify for a stock trader (tax status) if the trading account is not under my name? Can we report the capital gain/loss using the form 4797 if we select the "Mark to Market" and claim some trading expenses such as computer depreciation and books.
I visited an IRS local officer today, but she can't answer this and told me that someone from IRS would call me to answer that in next few days. I hope I can figure out this before Apr. 15. Thank you for any help in advance!
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