If I elect myself as a Trader Tax Status, wash sales will be ok for 2018?

Discussion in 'Taxes and Accounting' started by invortex, May 16, 2018 at 2:01 PM.

  1. invortex

    invortex

    Sorry about my bad English!

    I think I qualify as TTS. I have so far this year 600 trades. I am in the green, no losses so far.
    I have a lot of wash sales.
    If I elect TTS, the wash sales will not count for 2018? I do my taxes with Turbo tax. How would my broker know my TTS?
    Thanks
     
  2. Robert Morse

    Robert Morse Sponsor

    Assuming you filed for MTM with the IRS.
    File a MTM form with your broker, so thy know to file the correct 1099.
     
  3. Arnie

    Arnie

    Wouldn't he have had to file that last year for it to be effective in 2018?
     
  4. invortex

    invortex

    I think I can still elect to be Trader Status by next April 17th for the 2018? I am not sure.
     
  5. Robert Morse

    Robert Morse Sponsor

  6. Arnie

    Arnie

  7. Normally it is REQUIRED to be filed by the tax due date (not including extensions) for the previous tax year. In 2018, that date WAS April 18.

    One exception I am aware of is for a first time taxpayer, such as an newly formed entity, in which case the MTM election is due within 75 days of inception. There may be other exceptions and/or remedies. Seek professional advise.
     
  8. invortex

    invortex

    you mean for tax year 2018?