Hello GeorgeM777,
I thank you very much for your detailed and very informative reply.
As you suggested in third para of your reply, I have prepared accodingly
i) a statement in the same format as for line 10, IRS Form 4797 for all transactions
ii) a statement identifying all securities on 12/31/2022 and marking to market at the end of the year for MTM adjustment.
But the difficulty arose in my case because on 1/1/2022, it so happened that all my account was in cash. So, my initial question that resulted in your response is, How I prepare 481(a) adjustment in my specific situation. I need a figure to enter in Part IV (line 26) of IRS Form 3115. Can I enter "zero" because none is a security.
If they were all in securities like stocks, I would have marked them to market and obtained MTM adjustment at the beginning of the year.
So please let me know if you know a solution
Sincerely,
nvrreddy
