- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I am a daytrader with over 10K trades. If I use Form 4797 and mark to market election, will I be required to list each individual stock sale?(1099 is over 2K pages long)
When speaking to the TurboTax support, they mentioned that I would do a Form 8949 to summarize my stock sales (as a non-professional trader), but in doing this it seems the IRS still requires the listing of the individual stock sales even though they should receive this in the 1099-B from broker). Unfortunately I didn't realize the TurboTax software cannot import the number of trades I have (well over 10K trades and over 15million in sales volume but small profit). Entering the trades manually, with the associated wash sales, is impossible. The 1099 form I have is well over 1,000 pages long and would cost a fortune to print out and send to the IRS. My question is if I do a mark to market election, do I need to still report individual stock sales, or could I simply report the summary data in Form 4797?
Topics:
‎September 25, 2020
5:46 PM