Everything we put on our tax return is bona-fide, unless IRS question, this is a simple reply to all of our queries. I wanted to know, what is the IRS guidelines.
Mark-to-market election is hard to get, most ppl recommend, just file AS IS you are a day trade. I have over 700+ transaction in year, & all should be on my 1099-B
not now, I don't have an LLC opened. I do have over $40K gains from last year, can I post that to my Sch C as self-employed under my name, instead of LLC (I don't have one)
If I post all gains on Sch D & expenses on Sch C, doesn't my Capitals gains get taxed first (only on gain) then comes in my expenses which impacts ordinary income? so Sch C won't reduce my capital gains, but ordinary income
