Hi, I've filed my occupation as a "Trader" for 2 years, even while acquiring more losses than gains in one of those years. Is this considered "Trader status" or is trader status more than putting "Trader" as your occuptation?
Seems merely putting "Trader" as an occupation doesn't achieve TTS. To achieve TTS I must incorporate and reach the other requirements, correct?
No you don't have to incorporate, but there are other requirements such as minimum number of trades per year. I strongly suggest that you read some of the documents on the GreenTraderTax.com website. They also have a yearly tax guide that they sell. About $75 if I remember. Highly recommended.
I'll check it out thanks It seems most the requirements are just general, without specifics, although specifics have been referenced from past cases. I guess this is my main question is how do I know if I filed with a TTS my previous years? The only thing I have to go off is that my occupation was listed as a trader