A friend of mine is thinking about making the 475(f) election when he/she filed her 2025 income tax return. I understand the election would start applying in 2026. The primary benefit for the friend would be that the wash rule would go away. However, I have some concerns. Here they are:
1) Can TurboTax generate the form needed to make the 475(f) election?
2) If the election is made in 2025, can my friend still use TurboTax to file his/her 2026 tax return?
3) Is it going to very complicated to file her 2026 tax return? My friend has about 2000 trades a year.
4) Is it an audit risk?
