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Enter sales and holdings by a trader who made a mark-to-market election
If the trader had a mark-to-market election under section 475(f) in effect for the tax year, trading gains and losses convert to ordinary income and loss and report on Form 4797, line 10, not Schedule D. Enter qualified transactions in the statement window attached to the
Sales and holdings by trader who made a mark-to-market election
field of the OthAsset
screen in the Other with Return
folder. Securities and commodities held for investment by traders are still reported on Schedule D. Enter this information in the statement window in the B&D
screen in the Income
folder.Make the election by the due date (without extensions) of the tax return for the year prior to the year in which the election is to be effective. To be effective for
2023
, the election had to have been made by April 18, 2022
. To make the election for 2024
, select election 43
in the Election No.
field in the Elect
screen in the General
folder. After making the election to change to the mark-to-market method of accounting, the trader needs to change the method of accounting for securities under Revenue Procedure 99-49. This method requires that unrealized gains and losses be recognized at the end of the year, and that securities held for investment be identified on the day they're acquired. Revenue Procedure 99-49 requires Form 3115, Application for Change in Accounting Method, be filed for the year the election becomes effective. For example, the original
2024
election is filed with the 2023
return, but the Form 3115 is filed with the 2024
return. Once the election is made, the trader needs to continue to use the mark-to-market method of accounting for all future years. The election can be changed only with the consent of the IRS. For more information on this election, see IRS Publication 550, Revenue Procedure 99-17, 1999-7 I.R.B. 52 and sections 475(e) and 475(f).