how to report Section 475 mark-to-market securities sales. Does Turbo Tax Deluxe include Form 4797 Sales of Business Property?

[Anonymous_ · Accepted solution]

Does Turbo Tax Deluxe include Form 4797 Sales of Business Property?

The desktop version of TurboTax Deluxe includes all of the forms, including Form 4797, but if you are using the online version of Deluxe, you will have to upgrade.

[TraderActive]

Thanks.   I wish to revoke the Section 475 mark-to-market election which I made for 2022 fiscal year.  I do not wish to continue for fiscal year 2023.  I believe I need to file a statement with my 2022 extension requesting this revocation for 2023.    Is there some specific language you can provide me?   

[Anonymous_ · Accepted solution]

See https://www.irs.gov/taxtopics/tc429

If you've made a valid election under section 475(f), the only way to stop using mark-to-market accounting for securities is to file an automatic request for revocation under Revenue Procedure 2022-14, Section 24.02. Under that revenue procedure, the request for revocation must be filed by the original due date of the return (without regard to extensions) for the taxable year preceding the year of change (the year of change is the first taxable year the revocation is to be effective). This revocation notification statement must be attached to either that return or if applicable, to a request for extension of time to file that return. Late revocations won't generally be allowed except in unusual and compelling circumstances.

[Anonymous_]

Procedure:

https://www.irs.gov/pub/irs-drop/rp-22-14.pdf (Section 24.02 - page 406).