This is my first year trading full time and I have claimed mark to market status.
My question is, how do you prove expenses from monthly credit card charges(ie. QCharts, RavenQuote, etc.)?
Yes, I have my credit card statements. However, there are no receipts or invoices sent from these companies. In an audit, I understand that the IRS wants wants to see actual invoices.
Has anyone run into this situation?
Yes, you can definately deduct credit card interest charges, so long as those charges were bonafide charges for cash advances/convenience check withdrawals used to fund your trading activities.
However, it's propably NOT a good idea to use the same credit cards that you fund your trading with, for regular shopping. Keep them separate.
Otherwise, should you get audited, you'll have a difficult time proving which interest came from shopping charges, and which came from your cash advances.
By the way, you don't have to "prove" anything. Your credit cards statements are your invoices.