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Day Trading: Mark-to-Market 475(f) Election?
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Day Trading: Mark-to-Market 475(f) Election?

  #11 (permalink)
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cory View Post
I mean once you declare and file yourself using mark-to-market then you are stuck with that status forever.

Actually, according to this CPA video, the IRS made it easier to revoke 475, or mark-to-market, as long as you do it by April 15 followed by form 3115.

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  #12 (permalink)
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Glad to find this thread, as the topic has been on my mind ('tis the season )

@SMCJB, if I may ask, did you form an LLC or S-Corp, and why?

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  #13 (permalink)
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My trading accounts qualify for Trader Tax Status, my investment accounts do not. They are kept completely separate. This is made easier by the fact that I do not manage my investment accounts somebody else does, but it shouldn't matter either way. I thought Green did a great blog on this but couldn't find it. I did find his Forbes article similair to his Golden Rules for Trader Tax Status though.

https://www.forbes.com/sites/greatspeculations/2017/06/07/how-to-become-eligible...benefits/2/#6c7068e839e6

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  #14 (permalink)
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Rrrracer View Post
Glad to find this thread, as the topic has been on my mind ('tis the season )

@SMCJB, if I may ask, did you form an LLC or S-Corp, and why?

I have an LLC which we switched to an S-Corp last year. It's a management company though, not a trading company. I'm not sure how it all works (I'm a trader not an accountant) but it enables me to have a defined benefit pension plan, which enables me to defer a lot of tax's, among other things.

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  #15 (permalink)
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Rrrracer View Post
Glad to find this thread

There is also this thread....

https://futures.io/traders-hideout/4832-tax-thread.html

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  #16 (permalink)
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Thanks @SMCJB, I've been digging through that one as well. I'm going to get in touch with Green and see if they can help me out; I've already got one S-Corp going for my other business (non-trading related) and am looking for someone to handle both. Really good to hear of your experiences with them.

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