So I am currently trading a futures prop trading account that is under the name of another trader. He splits 50/50 net P and L with the firm, and he pays me half of that. I do all the trading but have no downside. I trade about 50 hours a week for this account. I work 30 hours a week doing operations at a hedge fund. I am also a part time student. I trade from a studio loft (so you can't the office is x% of the square footage). I am making magnitudes more than I anticipated. This generated a few questions: -What would you consider the best tax structure for this? -Should I ask him to pay me as an employee or private contractor? -Am I edible for trader tax status? -What should I be deducting (30% of rent, internet (%?). I'll be sitting down with a CPA in a few weeks, but just wanted to get ideas to overall tax strategy. Thanks so much!