How do i qualify/claim trader tax status

The IRS has laid out general guidelines in Publication 550 regarding the requirements for trader status. To qualify as a trader, you must at the very least (1) trade substantially, regularly, frequently, and continuously; (2) seek to profit from the short term price swings of the securities.

Special rules apply if you're a trader in securities, in the business of buying and selling securities for your own account. The law considers this to be a business, even though a trader doesn't maintain an inventory and doesn't have customers. To be engaged in business as a trader in securities, you must meet all of the following conditions:

• You must seek to profit from daily market movements in the prices of securities and not from dividends, interest, or capital appreciation;
• Your activity must be substantial; and
• You must carry on the activity with continuity and regularity.

The following facts and circumstances should be considered in determining if your activity is a securities trading business:

• Typical holding periods for securities bought and sold;
• The frequency and dollar amount of your trades during the year;
• The extent to which you pursue the activity to produce income for a livelihood; and
• The amount of time you devote to the activity.

IRS Traders in Securities

@JohnB5677 I actually had questions on this using Turbo Tax. I qualify for Trader status and did not make the Mark to Market election. 

I would import my trades from my broker as normal, correct?

Then would create a self-employed "Income" where I would add my expenses with an income value of 0.

Thanks

@dramos126 You are essentially correct.

You would report expenses on Schedule C as a trader in securities and, without a Section 475(f) election, your gains and losses would be capital gains and losses (i.e., Schedule D).

You might want to read through the information at the links below.

https://www.irs.gov/taxtopics/tc429

https://www.thetaxadviser.com/issues/2010/feb/sec475mark-to-marketelection.html

@Anonymous_ Thanks, I've read through the IRS documentation already.

I'm mainly confused on how to actually execute it on Turbo Tax, which sounds like what I mentioned above is the correct way.