@spencer00 If you are not using the MTM election to report your income and expenses on Schedule C and Form 4797, then your gains/losses are reported on Schedule D as an investor.
As a day trader without a Mark to Market election your losses are limited to $3,000 this year. The balance is carried over as a capital loss, not a business loss.
See the detailed answer from @TurboTaxGeoffreyG above.
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