topic New LLC end of year in Get your taxes done using TurboTax

New LLC end of year

deneselw72 — Mon, 23 Feb 2026 10:50:06 GMT

I opened a new 1 person LLC end of December- it was supposed to be January. This is just for day trading. I have not tried to get the designation of day trader as I just recently set up the brokerage account outside my IRA. I've already been day trading awhile and doing okay. I have some expenses I would like to put together against this year's profits. Is that possible? What would I need to do?

Thank you.

Re: New LLC end of year

Anonymous_ — Sun, 15 Jan 2023 23:11:18 GMT

What are you planning to do? Make an MTM election under Section 475(f)?

See https://www.irs.gov/taxtopics/tc429

Re: New LLC end of year

deneselw72 — Mon, 16 Jan 2023 00:02:55 GMT

What I'm trying to figure out is how to enter non LLC activity and LLC activity for this year since I just got the LLC.

Re: New LLC end of year

Anonymous_ — Mon, 16 Jan 2023 01:02:29 GMT

Understood and it really makes no difference since your single-member LLC is a disregarded entity for federal income tax purposes (so it is treated in the same manner as a sole proprietorship).

Re: New LLC end of year

deneselw72 — Mon, 16 Jan 2023 01:04:30 GMT

Thanks