Confusing information or maybe I am confused.
Had a W2 for 2023 (and will probably have one for 2024, searching for job).
meanwhile, doing day trading and qualify for TTS and from information I have read, I need to elect Mark to Market under section 475(f).
Questions:
1. Now, since I am reporting taxes for 2023, should I still report as individual? Will this affect my MTM election?
2. How to actually elect it? IRS page says include a statement of your election, year and name of business? My understanding is that I will need to report it as Business in 2025 when I am filing tax returns for 2024.
3. I am keeping track of all my trades from Jan 2024 but I don’t think I need to include all of them under Schedule C and form 4794. Right?
4. Which edition of TurboTax do I need? I have out of state rental, foreign rental, trading (for 2023 as well), W2, spouse W2, dividends etc.
Don’t see anyone having confusion like me? What am I missing?
Please help ASAP as 4/15 is very near (don’t ask why I am late).
