Tax Question - Index Option Trader

Discussion in 'Taxes and Accounting' started by oextrader1967, Mar 25, 2008.

  1. I trade spx index options through a LLC that has a JBO. Just started this in August, 2007 and received a K-1. I'm assuming that I am responsible for self-employment earnings (which is a figure on the K-1 # 14 - basically my options earnings netted against commissions, desk fee and insurance that flowed through my account) and that all my options earnings (which have the 60/40% split) are reported on schedule D. I'm not making the mark to market designation and don't really have any other expenses associated with trading since I work from home.

    As an aside, would it be possible to take the home office deduction if I don't file a schedule C?