are you making the 475(f) Mark-to-Market election?
generally the IRS requires you to file the election by the original due date (ie 4/15 - either with return or timely filed extension) with the return/extension for the year before the election is to take effect.
If you are a new taxpayer and not required to file a 2024 income tax return, you make the election for 2024 by placing the above statement in your books and records no later than March 15, 2025. Attach a copy of the statement to your 2024 return.
If your method of accounting for 2024 or later year is inconsistent with the mark-to-market election, you must change your method of accounting for securities under Revenue Proce-dure 2023-24 (or its successor), available at IRS.gov/irb/2023-28_IRB#REV-PROC-2023-24. Revenue Procedure 2023-24 requires you to file Form 3115, Application for Change in Accounting Method. Follow its instructions. Enter “64” on line 1a of the Form 3115.
