Electing Mark-To-Market to avoid future 1099 troubles?

Discussion in 'Professional Trading' started by trade2212, Apr 4, 2012.

  1. nkhoi

    nkhoi

    there is no clear instruction to 'undeclare' but maybe the law change?
     
    #11     Apr 15, 2012
  2. JackR

    JackR

    Nkhoi:

    This is from the IRS web site. It tells how to unelect mark-to-market.

    If you have made a valid election under section 475(f), the only way to stop using mark-to-market accounting for securities is to request and receive written permission from the Service to revoke the election. Non-filing of the Form 3115 mentioned above will not invalidate a timely and valid election. To request permission to revoke your election under section 475(f), you must file a second Form 3115 and pay a fee.

    For more info search for "Topic 429 - Traders in Securities (Information for Form 1040 Filers)" @ www.IRS.gov


    Jack
     
    #12     Apr 15, 2012
  3. nkhoi

    nkhoi

    20 pages of instruction! luckily I know how to use find button.
     
    #13     Apr 15, 2012