Is it possible to add a note in TT Business for the IRS?

asanyal · ‎March 15, 2020

Is it possible to add a note in TT Business for the IRS? I would like to specify that I have used Mark To Market pursuant to IRC Section 475, as I have been doing for 2 years.

Thank you.

Anonymous_ · ‎March 15, 2020

You do not have to include a note each year with your return. Once you make the election, the only way to stop using mark-to-market accounting is to make a request for revocation.

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

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Anonymous_ · ‎March 15, 2020

You do not have to include a note each year with your return. Once you make the election, the only way to stop using mark-to-market accounting is to make a request for revocation.

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