Hi @AmyC @GeorgeM777 @Critter-3
I am a stock trader (TTS) - sole proprietorship. It is not an S-corp so no earned income. Would I need earned incomes (get another W2 job or another self-employment income stream) to write off trading expense (e.g. home office expense) or I can write my trading expense off the Sec. 475 Mark-to-Market election ordinary income (non earned income)?
Also, if my brokerage firm doesn't offer mark-to-market accounting, can I simply use the beginning account value of Jan and ending account value of Dec, which are easily available in any broker's monthly statements, to get the 475 income that year? I only trade stocks, or selling naked puts or covered calls. Thankss!
