Yes, it is OK to list gains on Schedule D and write off business expenses (including home office) on Schedule C. There is no other way to claim those expenses.
There will be no true income reported on the Schedule C, only expenses/deductions. Therefore, there is no self-employment tax involved. Your income reported on Schedule D will be entered into TurboTax in the Schedule C section only to allow the home office expenses to be claimed. The income is not reported on Schedule D and Schedule C. This is a special situation, otherwise the expenses from your home office will not be allowed.
Take a look at the following TurboTax help article for more details and step-by-step help to report this situation in your return:
How do I report my trader activity with or without Section 475(f) election in TurboTax?
@Doony
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