A few comments addressing your specific questions (and maybe a few additional comments):
- You cannot elect MTM for 2023.
- If you want to make a MTM election for 2024 you must do so by the original due date of the 2023 tax return; prospective only.
- Your trading activity for 2023 is treated just as any other capital investments
- If you are struggling here, I am going to recommend that you have a tax professional prepare your tax return if you are day trading.
- As noted by @Anonymous_ , you can be a day trader and not have a MTM election
- You need to make sure you qualify for trader tax status (TTS) before you make any MTM election.
- Once you make the MTM election, you need permission to revoke the election
- This is a highly scrutinized area
*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.
