Is this a business?

[ETax847]

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?

[Lion EA]

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.

[ETax847]

Lion, appreciate your insight as always.  Stay well my friend. 

[gfizer]

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!

[Pacun]

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.