I have an LLC opened for my stock trading business. I am a day trader. Someone said, I can report all of my stock related expenses on Sch C and Capital Gains on Sch D. But then my sch C would have negative income loss. wouldn't this create red flag.
Someone also said, I can create another stock trade as negative on my sch D, so that my net capital gain would be zero and then show my capital gain as income on sch C?
Others says, I need to get MTM status and generate 4797. I have not elected MTM status. this is for my 2021 & 2022 taxes. I have 1000s trade transaction so I know am active day trader. Do I elect MTM status by attaching a statement to my return? is this correct? how does MTM status filing works? do
So, since I have LLC opened, which options above applies to me?
I also have another real estate business. which I had more loss. would this offset my total taxable income?
