Sam
Thanks for asking. I am only writing you what I did. there is no guarantee that neither they are correct nor are applicable to you. Please do your own due diligence. This is only advice.
A day trader must file trader status selection with a letter and filled and signed form 3115 before tax filing dead line. For 2024, you must file before Apr 15 as an individual, or Mar 15 if you are business.
When you want to revoke, you must file revoke request with a letter before corresponding tax filing deadline.
3115 Part II answers depend upon what boxes you checked on top of Form 3115. For me it was individual and third box (accounting method) other; sec 375(f) mark to market.
So correspondingly for Part (II) 4,5 & 13 answer is NO.
There is a sample 3115 from one GREGORY L. BUHROW, CPA PC on line. You should get it by searching his name. Otherwise send me a note at nvrreddy917 at hotmail.
Filing of 481(a) is tricky. You have to calculate your assets as of 1/1/2024 and enter that amount in Part IV (26).
I know there are places where you can calculate those online. Otherwise you may have to call turbo tax help.
I entered 0 because I am staring fresh on 1/1/23.
I hope what I wrote here will help you.
Thanks
