Hello,
Any advice on how to fill form 3115 for trading activities? It has some questions that not important to trading activities as it's applicable for other kinds of business outside of trading so I wanted to make sure I answer the form correctly.
A few questions I ran into:
1. Are there any pitfalls that I need to know of when filling out the form - such as selecting Yes or No somewhere of the area is ambiguous or vague etc.
2. What do I fill in "Tax year of change ends (MM/DD/YYYY)" - I thought I need to make this election once so I figured not to put a date here but reading online, I understand that this may need to be filled out. And if so, if I select 1/1/2025 - 12/31/2025, do I need to resubmit this form next year?
3. Is there any impact to my 2024 taxes and 1099 or it's forward looking only? - I thought it is but wanted to confirm since there are questions about if I bring any transactions from prior years (which I don't want to do)
