does every trade need to be itemized on 4797

Discussion in 'Taxes and Accounting' started by younevercall, Oct 10, 2021.

  1. I elected 475(f) mark to market many years ago but have not traded heavily the past few years and therefore have not used 4797.

    However, this year I traded heavily and will have to report on 4797; do all the trades have to be itemized or can I simply enter various (for dates of purchase and sell) and total of proceeds and cost.

    Thanks in advance
  2. Girija


    Various is fine.
  3. Thx Girija for the quick reply. May I ask your source.
    Have you seen it quoted somewhere (that various is sufficient)?
  4. I just found where the IRS seemingly details that every transactions needs to be itemized

    Please let me know if I am reading it correctly.

    Thank you

    Securities or Commodities Held by a Trader Who Made a Mark-to-Market Election

    Report on line 10 all gains and losses from sales and dispositions of securities or commodities held in connection with your trading business, including gains and losses from marking to market securities and commodities held at the end of the tax year (see Traders Who Made a Mark-to-Market Election, earlier). Attach to your tax return a statement, using the same format as line 10, showing the details of each transaction. Separately show and identify securities or commodities held and marked to market at the end of the year. On line 10, enter “Trader—see attached” in column (a) and the totals from the statement in columns (d), (f), and (g). Also, see the instructions for line 1, earlier
    Last edited: Oct 10, 2021
    • You can summarize all trades on one line.
    • You don't need to itemize anything unless they ask for more info.