To follow-up on your question/comment regarding forming a Limited Liability Company, if you decide to form an LLC for your trading business, and you have no other members (or owners) in your LLC, you would be considered a Single Member LLC. As such, the IRS would treat your SMLLC the same way it treats a sole proprietor, namely, you would complete a Schedule C and list all of your trading business expenses on Schedule C. If you have elected MtM status, then your gains/losses from trading get reported on Form 4797, Sales of Business Property.
Just a reminder regarding Form 4797, IRS instructions require that a Trader attach a statement to Form 4797 using the same format as line 10, showing the details of each transaction and further to separately show and identify securities or commodities held and marked to market at the end of the year. TurboTax does not support the uploading of this statement. Thus, a Trader in these circumstances would need to print out their return and mail it to the IRS.
@Srk84
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