Hi there,
I'm day trading from this year, and I am located in NY. I know that in order to write off expenses I need to fall under Trader Tax Status, which I don't think will be a problem. But do I need to open LLC in order to take advantage of all the write offs?
Also let say I made 100k, but to make that I lost 10k. Do I get taxed on 90k or IRS don't care about my draw down?
I'd like to do taxes on my own in turbo tax for next year, so if someone could direct me on how to do it I'd really appreciate.
Thanks
