How do you elect out of section 988 ?

Discussion in 'Professional Trading' started by white_zombie, Jan 12, 2008.

  1. Hi,

    I am new to forex trading, Could somebody advise how you folks elect out of section 988 ?

    From what I read some say send an email to yourself that you are
    electing out of section 988 good until canceled basis, some say send a sealed mail to yourself.

    Can somebody elaborate how do you do this, what is exact wording of this election out of section 988, by when should this done as we already 12 days past into this year ?

    Has anyone had problems with IRS on this electing out of
    section 988 issue ?

    I have one last question from a newbie, I didn't elect irc 988 in 2007 but bought into some trades which I didn't sell in 2007, do I owe taxes on them, I suppose since the election out is not done, it can't be treated mark to market accounting hence no taxes.