I have until April 2025 to elect 475(f) if I am unable to recuperate my losses correct or was it supposed to be done while filing 2023 Taxes?
I am not sure from what I am reading from the IRS site
"As a trader, you must make the mark-to-market election by the original due date (not including extensions) of the tax return for the year prior to the year for which you intend the election to become effective. You can make the election by attaching a statement either to your income tax return if filed without an extension or to a request for an extension of time to file your return. The statement should include the following information:
- That you're making an election under section 475(f);
- The first tax year for which the election is effective (that is, the tax year for which a timely election is being made); and
- The trade or business for which you're making the election.""
Also it says I am required to file Form 3115 if I go through with this correct?
