How to report day trader income and losses

How do I report my trader activity with or without Section 475(f) election in TurboTax?

Traders report their business expenses on Schedule C (Form 1040), Profit or Loss From Business (Sole Proprietorship).  Commissions and other costs of acquiring or disposing of securities aren't deductible, but must be used to figure gain or loss upon disposition of the securities.  Gains and losses from selling securities from being a trader aren't subject to self-employment tax.

Investors may use the commissions and costs of acquiring and disposing of securities in the gain/loss calculation, too.  But, other expenses (except for interest expense in certain cases) related to investing are not deductible.

Investors use Schedule D and Form 8979 to report the sales of securities. Traders can also use Schedule D and Form 8949 to report the sales of securities. If doing so, they’re subject to the same limitations for claiming capital losses and the wash sales rules that are imposed on investors.

However, traders have another alternative. If they have made the proper Mark-to-Market or Section 475(f) election with the IRS, then they may use Form 4797 to report the sales of their securities without the loss limitations and wash sale rules.

Am I a Trader or an Investor?