Hi ColeenD3,
Regarding the 475 election, I understand that i have to file a statement of election along with the return by April 15, 2021. I appreciate your response to my following questions:
a) Is it okay to efile my return but manually mail by April 15, 2021 the paper copy of the extension form 4868 and attach the below statement along with 1040V/tax payment? As my return has 800 pages and I would like to efile instead of paper file.
b) Is the below statement of 475(f) election complete and acceptable by IRS or do i need to clarify anything else?
Statement showing 475(f) election for the year 2021
Names of self and wife
SSNs of both
Address:
- That I am making an election under section 475(f);
- The first tax year for which the election is effective is 2021 and
- The trade or business for which I am making the election: I am making Mark to Market election only for my Stock Options trading business. My long term investments are not part of MTM election as those are held for investments and not trading. "
Thanks,
Jagan
