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Seems like from my understanding the losses have been passed along to me. Do I need to have each individual trade logged into the 4797 or is that the firm's responsibility?

Rob, I went ahead and purchased your book. I got some more clarity, however how would I know if the trading firm took my losses at the firm-owner level vs. passed along to me?

Capital account is at 0 since I've lost all the money I've deposited. How are deposited written off?

Thanks Rob, I was a class C member. I should only be responsible for what I deposited correct? From my understanding of what you are saying, I am able to deduct my losses as business losses vs. just capital gains losses?

I was part of a proprietary trading firm in early 2014, I never declared myself as a trader to the IRS or file for section 475 for last year, but as a trader for this firm I was a "partner". I was Series 56 certified, made my deposits and traded on behalf of myself and the firm. I lost a good...