Business & farm

Your post and facts are not clear:

  • Initially your heading states you are a first time MTM filer.
  • Next you indicate you are trying to decide whether to file MTM
  • Then you indicate you have done the MTM election
  • You also may have a misunderstanding of MTM and trader tax status TTS).   You can have TTS and not elect MTM.  

So @Mike9241 has provided information, but based on the above, not sure where you fit.

Additionally, if you have a MTM election and then request to revoke this election, you must wait 5 years before making the election again.

A couple of other comments:

  • In general it is best to make a MTM election if you have close to a clean slate with respect to capital loss carryovers.
  • However, if you have capital loss carryovers and are still losing $$ in your first quarter, you should consider making the MTM election to avoid compounding to the capital losses.
  • The reverse is also a planning guide.  If you have capital loss carryovers and are generating capital gains in the first quarter, you should consider waiting to file the MTM election to utilize those gains to offset your capital losses.

This is can be a complicated area and not for individuals that don't really understand the tax implications as the tax lesson can be painful and costly.

*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.