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  1. R

    Questions about first-year tax reporting as prop firm member

    thanks a lot, man!!! this really clears my confusion. I am still reading Trader Tax Guide...trying to figure out what's the best prop firm trader, IC or LLC member and corresponding structure (SMLLC or SCorp). Appreciate again!
  2. R

    Questions about first-year tax reporting as prop firm member

    one more thing - I know my prop firm use LLC member model. Can LLC member be an individual, or must be a real LLC? In other words can K1 be issued to individual, or must be LLC? If yes any tax treatment diff between individual and LLC? I lost job last year and joined prop firm kinda for fun so...
  3. R

    Questions about first-year tax reporting as prop firm member

    that sounds right. I am reading Trader Tax Guide. Seems I don't need to pay SE as there is only ordinary income (item 1) on K1 and SE earning (item 14) is 0. Am I right if I file LLC with my 1040?
  4. R

    Questions about first-year tax reporting as prop firm member

    I joined a prop firm last year with ABC LLC (I am the only member) they set up for me. Just received K1 issued from the prop firm to my ABC LLC. Called couple of CPA already. One told me since I am the only member of ABC LLC I just need to report K1 on schedule c of my 1040. The other one told...
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