@mw30 wrote:
Do I need to get section 475?
If you want to be subject to the mark-to-market rules then you need to make the election.
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.
See https://www.irs.gov/taxtopics/tc429
If you are serious about this option, you should seek professional tax guidance.
