Hello All, For the longest time I have been thinking about opening a LLC/LLP on the side that I can use to trade with. It will be primarily funded by my own and I would like to get MTM on it. Is anyone doing this right now? If so, how easy is it and whats the process like? All any gotchas to watch out for? Thanks a million!
Thanks for replying. Actually I have a full time job but I also due day trading in the mornings. As I was filling out my tax's this year, I realized that wash sales are a real pain and I should go for Mark to Market. After a little more research I found that the IRS doesnt like MTM for folks that are employed with a fulltime job. I simple way around this is to open your own LLC/LLP and make that MTM. Thoughts? Thanks again!
Can you supply the site(s) that said "the IRS doesnt like MTM for folks that are employed with a fulltime job. I simple way around this is to open your own LLC/LLP and make that MTM. " That sounds odd. And if you trade within an IRA (most brokers), there is NONE of this accounting, since there are no tax consequences...