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ETax847

Is this a business?

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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?

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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.

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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!

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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.

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