Investors & landlords

Hi Mike, happy new year and your description was very helpful.

I see on 3115 ask : Tax year of change begins (MM/DD/YYYY)
Tax year of change ends (MM/DD/YYYY)

If waiting periods is  5 years,  so ending period should be 5 years later?

 

if 2023 is the first year for me as day trader, I mean I did not have any securities at the end of 2022, and broker will send me the 1099  by the end of Jan 2024 so based on your explanation, I did not need to file 3115 along with 2022 tax return? I need your answer for this question.

For 2024 if I want to be day trader, so form 3115 need to be filed with 2023 tax return by April 2024? 

 

I know I am a little dumb, since the way I can understand is having some example, sorry.

I wanted to express my gratitude for your help.