unless you are a trader and made the 475(f) election either with a timely filed 2023 return or extension, you cannot use it for 2024. the requirement is that the election be timely file with the return or extension for the tax year preceding the tax year the election is to take effect
the election and 3115 must be included with
timely filed 2022 return or extension - earliest effective date would be for the 2023 tax year
timely filed 2023 return or extension - earliest effective date would be for 2024 tax year and so on.
timely filing with your 2024 return/extension due 4/15/2025 would mean the election would not take affect until your 2025 tax year.
you must be a trader. investors can't make the election.
To be engaged in business as a trader in securities, you must meet all of the following conditions:
You must seek to profit from daily market movements in the prices of securities and not from dividends, interest, or capital appreciation;
Your activity must be substantial; and
You must carry on the activity with continuity and regularity.
The following facts and circumstances should be considered in determining if your activity is a securities trading business:
Typical holding periods for securities bought and sold;
The frequency and dollar amount of your trades during the year;
The extent to which you pursue the activity to produce income for a livelihood; and
The amount of time you devote to the activity.
