I have a couple of questions as well. I have started day trading, but didn't elect M2M since I didn't know if day trading will work for me or not. My questions as follow:
1. without M2M election, can I still report gains and losses on schedule C?
2. Without forming a sole proprietor, S Corp, LLC and etc, (I do trade over 50 tickets and/or $500k equivalent daily) can I still consider and report tax as professional day trader status and treat losses and investment expenses on schedule C?
3. As an individual (with extensive daily trading tickets/volume daily), will I still need to consider my 2015 losses with $3000 limitation on Schedule D?
4. From #3, if reporting losses on schedule D, can I expense day trading equipment, subscriptions, educational books/DVDs etc, and software?
5. I have Home & Business TurboTax. The schedule C is under business section. I also always use walk me through feature provided.
Thanks
Shun
