I am a self-employed day-trader. I moved cross country to Chicago to trade commodities in 2019.
I trade everyday and in big amounts, I'd be shocked if IRS didn't count as trader as we trade 1ks worth of contracts each day. In addition to trading I had a few side jobs to help pay bills.
Can I consider myself a business and a trader in IRS terms?
If so do I report my profit/loss in Schedule C as well as my business expenses as a self-employed business owner?
Or, if not, do I report my profit/loss as a 1099-B under contracts and straddles and am not able to deduct business expenses used for trading? I had moving expenses, rent as a home office, utitlies, etc...
If I have to report profit/loss as a 1099-B, can I still deduct my trading expenses somewhere else?
Any help would be greatly appreciated. If need be I can upgrade to home & biz turbotax if recommended.
