ETax847 Posted March 26, 2020 Report Share Posted March 26, 2020 Client's husband day trades his rollover IRA and wants to consider this a business and deduct many home office expenses. Has anyone come across anything like this before? I would consider it a hobby if anything. What do you guys think? Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 26, 2020 Report Share Posted March 26, 2020 There are Traders who are a business, but there are hoops to jump through, such as declaring a year ago and mark-to-market at year end. But, the fact that this is his IRA and deferred to retirement would make his trades NOT current income. So, he has no current income, Schedule C or Schedule D or otherwise, to deduct any current expenses. NO. 1 Quote Link to comment Share on other sites More sharing options...
ETax847 Posted March 26, 2020 Author Report Share Posted March 26, 2020 Lion, appreciate your insight as always. Stay well my friend. Quote Link to comment Share on other sites More sharing options...
gfizer Posted March 27, 2020 Report Share Posted March 27, 2020 6 minutes ago, Margaret CPA in OH said: Ohio is extended. Thanks for that info, Margaret. Being in Kentucky near the Ohio line I do a few Ohio returns so I was wondering if they had extended. Stay safe and healthy! Quote Link to comment Share on other sites More sharing options...
Pacun Posted March 27, 2020 Report Share Posted March 27, 2020 2 hours ago, gfizer said: Thanks for that info, Margaret. Being in Kentucky near the Ohio line I do a few Ohio returns so I was wondering if they had extended. Stay safe and healthy! You are correct, it is not a business. Quote Link to comment Share on other sites More sharing options...
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