Elected MTM, what's next?

i elected MTM with my 2005 fed return and starting as a full-time at home stock trader this month. Other than keeping a detailed trade log and expense receipts, can someone please help me identify what else i need to consider for tax planning as a 'trader in securities' (i.e., not interested in an LLC at this time)?

best regards

 

Unless you think you're missing something that you want to specifically ask about, it sounds like you have it all under control!

Meet definition of a Trader
Document expenses
Elected M2M

 

thanks, is it ok to have the same IB account for both my day trades and investments?

 

I don't think many tax advisors would suggest that the same account be used. ESPECIALLY if you didn't disclose that in the M2M election as required by the IRS regs and procedures...