Taxes preperation if you are Prop

I

ireadtape

Hello everyone, I had a quick question. I SHOULD just go to a CPA and figure this out, but I wanna see what you guys have to say first.

So I know that if your prop firm is an LLC (like mine) you will receive a Schedule k-1 from them. Do you have to file a schedule D 1040 on top of this? I started at the tail end of last year so I havent made any withdrawls yet. By year end I did have a capital gain in my account, but I didnt withdraw it like i said previously. My guess is I have to file something for my captial contribution but I'm not sure about the gain since I didnt make any withdrawls. Any help would be appreciated. Thanks.
 
I'm not a tax specialist but I'm 99.9% sure this is the answer.

No, you do NOT have to file a Schedule D on top of the K-1.
All your trades from the prop firm are all included in the K-1 you got. Unless you traded stocks with another broker outside of the prop firm, it is not necessary.

Good Luck!

Quote from ireadtape:

Hello everyone, I had a quick question. I SHOULD just go to a CPA and figure this out, but I wanna see what you guys have to say first.

So I know that if your prop firm is an LLC (like mine) you will receive a Schedule k-1 from them. Do you have to file a schedule D 1040 on top of this? I started at the tail end of last year so I havent made any withdrawls yet. By year end I did have a capital gain in my account, but I didnt withdraw it like i said previously. My guess is I have to file something for my captial contribution but I'm not sure about the gain since I didnt make any withdrawls. Any help would be appreciated. Thanks.
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