A Professional Trader selecting MTM does not report on Schedule D, instead on form 4797.
The reporting requirements are more stringent since there is no aggregation allowed. You have to report every trade you make.
The main advantage is there is no $3,000 loss deduction limitation.
Also if you made money last year but lost this year, you can carry back your loss and get a tax refund for last year.
Day Traders with Trader Tax Status (TTS) report differently.
