I thought you wanted the Mark-to-Market election for 2024 which must be made with a timely filed 2023 1040 or extension for it. ( YES, this is what I told on the top of my words but I do not know why you used past verb for 2024)
There is no election/3115 to be just a day trader. What does it mean? You mean day trader does not need to file 3115?!!!!!!!!!
Rather you are a day trader if you meet at least most of the criteria below. A day trader does not have to make the M-T-M election. ( Again I am confused what do you mean?)
If not, then trades will be capital gain or loss and subject to the wash sale rules. So you really can't file 475(f) Mark-to-Market election/3115 until the tax year preceding the tax year you want it to go into effect and also assuming you'll qualify as a trader for that year.
I do not know that you are confused or me.
I want to start day trading from 1/1/2024 and based on instruction I have to file 3115 to get permission from IRS through 2023 tax return. Am I right? But, per your explanation I do not need to file 3115. So, who needs file 3115 then? Who file 3115 475(f) mark-to-mark? please give me example with years( do not use preceding or like that just the number of years, like 2023,2024) and hypothetical numbers.
I already read all 3115 instruction that who is a day trader.
option 2:
If I have had trading as a business in 2023 and never filed 3115 and I have a loss around $10000, should file 3115 before April 2024?
I understand better by numbers and years.
Per your explanation day traders do not need file 3115 at all. I do not think so, sorry
