1.I was wondering as an individual day trader can I use mark to market election on my 1040 return. Yes you can if you made the election timely.
2. Also do I need to ask my trading brokerage to use mark to market accounting method in order to use the election? They will not do so ... they cannot do so. This is accounting you need to do for yourself.
3. I just recently ask to switch to mark to market election accounting method in September 2023, would that mean that in 2024 return when I use 475f I would just only be able to get the loss from September 2023 to December 2023 or how can I get that effect for the whole year 2023 because I was not aware of the 475f election. Sorry Charlie ... you cannot use the MTM election for 2023 at all since you did not make the election timely. The election for 2023 had to be made by 4/15/23. If you want to make that election for 2024 you need to file the election by 4/15/24.
