Green says only 3115 need be filed today?

Discussion in 'Professional Trading' started by probability_man, Oct 15, 2008.

  1. surely somebody here has gone through the experience of filing a net operating loss without an accountant. Don't tell me I'm the only one
  2. To my knowledge, accountants are not bound by law fix their mistakes, even if they cost you money or getting you in hot water with any given tax authority.
  3. german trader, it is my understanding that some accountants offer guarantees for mistakes.
  4. Is this for the 2007 tax year that the form 3115 is due today?

  5. I am filing form 3115 & 4797 along with a Net Operating Loss today.

    Are there any long term negative consequences from finalizing the MTM election?

    I know that stocks where you want long-term capital gains you must keep segregated. Any other future downsides to MTM?

    I guess I am just worried that having MTM tax status may somehow come back to haunt me down the road when I am no longer daytrading anymore. I may not ever return to daytrading after a horrible 2007.

    Hypothetically, if down the road I joined a prop firm, would whether I have elected MTM status in the past matter at all?