正文
炒股應該按商業活動報稅還是按投資報稅
對於標題中的問題有專門的論文進行論述：
ON THE TAX CLASSIFICATION OF DAY STOCK TRADERS AS INVESTORS OR TRADERS
Buagu Musazi
這裏我們概括這篇文章的幾個要點.
從交稅角度看, 炒股可能算作商業活動，也可能算作投資.這方麵的定義並不明確.
The ambiguity in classifying day stock traders as investors or businesspersons for tax purposes is still unsolved since the 1930s.
如果算作商業活動,需要交自雇稅,投資損失可以全部減稅，家庭辦公費可以減稅。
When an activity is tax-classified as a business, the taxpayer is required to pay self-employment tax on Schedule C profit. In addition, the taxpayer can deduct, without any limitations, all net long-term capital losses plus any other ordinary, necessary and reasonable business expenses incurred during the tax year.
如果算作投資活動,長期收益交稅比較少，每年虧損部分至多隻能減稅3000美元，交易費用可以減稅。
If an activity is tax-classified as an investment, no self-employment tax is required but the taxpayer is, currently, limited to deduct a maximum of $3,000 in net capital losses each year and carries forward the remaining losses. In addition, other related expenses, such as interest and fees, are deductible
因此,
1）如果有大量的損失，以商業活動報稅比較有利;
taxpayers with considerable net short-term and long-term losses would prefer a business classification so that they can an immediate deduction of all their losses in the first tax year.
2）如果以有大量的長期投資收益,以投資報稅比較有利;
However, taxpayers with net long-term gains would prefer the investment classification because they will enjoy the low capital gains tax rate.
3）如果有大量的短期收益,在交稅的時候，商業活動報稅和投資報稅沒有差別，但前者可以把家庭辦公費減稅。
For taxpayers with net short-term capital gains, such gains are taxed at the ordinary income tax rate. They would be indifferent in terms of the tax rate but in terms of deductions: if classified as business persons, they can deduct on Schedule C their business expenses such as home office and of course pay the self-employment tax.
那麽，在什麽情況下炒股可以算作商業活動呢?這方麵沒有確切的定義，往往需要法院裁決。
The tax classification ambiguity arises because the tax law (I.R.C. Section 162 and Section 212) does not draw a clear line between investors and traders. The government has so far left the classification matter to the judicial system, but the courts have not made the situation any less confusing (Lebow, Schell, and McLain, 2001).
法院判決的確依據主要是下述三個標準:
a) 投資的意圖；b) 投資收入的性質；c) 交易的頻繁程度.
但這些標準也不明確. 比如有人一年交易300多次，依然不被認為是商業活動.
法院把是否是day trader作為一個判據，這方麵的標準是:
‘holding one’s self out to others as engaged in the trading of goods and services’,
但該標準依然含糊.
該文作者由此提出三個標準判定什麽是day trader。
1）day trader以短期收益為目標,而不是以長期收益為目標;
2）交易頻繁程度同股票價格變化差異成正比;
3） 交易人企圖超過大盤的表現.
由此得出的判定標準是, 純收益必須超出基金指數。
From the above assumptions it follows that net gains should at least equal the gain that would have been obtained in a market wide index mutual fund. That is,
(Net Gains – holding costs – search costs) ≥ market gain.
Net gain is the sum of the gains and losses from each transaction of given volume of stocks (V) multiplied by the frequency (N) at which trades are executed in a given year.
Holding costs (H) are involve the opportunity cost of investment the money somewhere else. It also includes margins interest, if any.
Search costs (S) involve the costs conducting research on stocks before they are traded.
對於標題中的問題有專門的論文進行論述：
ON THE TAX CLASSIFICATION OF DAY STOCK TRADERS AS INVESTORS OR TRADERS
Buagu Musazi
這裏我們概括這篇文章的幾個要點.
從交稅角度看, 炒股可能算作商業活動，也可能算作投資.這方麵的定義並不明確.
The ambiguity in classifying day stock traders as investors or businesspersons for tax purposes is still unsolved since the 1930s.
如果算作商業活動,需要交自雇稅,投資損失可以全部減稅，家庭辦公費可以減稅。
When an activity is tax-classified as a business, the taxpayer is required to pay self-employment tax on Schedule C profit. In addition, the taxpayer can deduct, without any limitations, all net long-term capital losses plus any other ordinary, necessary and reasonable business expenses incurred during the tax year.
如果算作投資活動,長期收益交稅比較少，每年虧損部分至多隻能減稅3000美元，交易費用可以減稅。
If an activity is tax-classified as an investment, no self-employment tax is required but the taxpayer is, currently, limited to deduct a maximum of $3,000 in net capital losses each year and carries forward the remaining losses. In addition, other related expenses, such as interest and fees, are deductible
因此,
1）如果有大量的損失，以商業活動報稅比較有利;
taxpayers with considerable net short-term and long-term losses would prefer a business classification so that they can an immediate deduction of all their losses in the first tax year.
2）如果以有大量的長期投資收益,以投資報稅比較有利;
However, taxpayers with net long-term gains would prefer the investment classification because they will enjoy the low capital gains tax rate.
3）如果有大量的短期收益,在交稅的時候，商業活動報稅和投資報稅沒有差別，但前者可以把家庭辦公費減稅。
For taxpayers with net short-term capital gains, such gains are taxed at the ordinary income tax rate. They would be indifferent in terms of the tax rate but in terms of deductions: if classified as business persons, they can deduct on Schedule C their business expenses such as home office and of course pay the self-employment tax.
那麽，在什麽情況下炒股可以算作商業活動呢?這方麵沒有確切的定義，往往需要法院裁決。
The tax classification ambiguity arises because the tax law (I.R.C. Section 162 and Section 212) does not draw a clear line between investors and traders. The government has so far left the classification matter to the judicial system, but the courts have not made the situation any less confusing (Lebow, Schell, and McLain, 2001).
法院判決的確依據主要是下述三個標準:
a) 投資的意圖；b) 投資收入的性質；c) 交易的頻繁程度.
但這些標準也不明確. 比如有人一年交易300多次，依然不被認為是商業活動.
法院把是否是day trader作為一個判據，這方麵的標準是:
‘holding one’s self out to others as engaged in the trading of goods and services’,
但該標準依然含糊.
該文作者由此提出三個標準判定什麽是day trader。
1）day trader以短期收益為目標,而不是以長期收益為目標;
2）交易頻繁程度同股票價格變化差異成正比;
3） 交易人企圖超過大盤的表現.
由此得出的判定標準是, 純收益必須超出基金指數。
From the above assumptions it follows that net gains should at least equal the gain that would have been obtained in a market wide index mutual fund. That is,
(Net Gains – holding costs – search costs) ≥ market gain.
Net gain is the sum of the gains and losses from each transaction of given volume of stocks (V) multiplied by the frequency (N) at which trades are executed in a given year.
Holding costs (H) are involve the opportunity cost of investment the money somewhere else. It also includes margins interest, if any.
Search costs (S) involve the costs conducting research on stocks before they are traded.
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