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Investors & landlords
Hi Mike9241,
Lot of good and relevant information. Thanks for adding to the string of great resource on my original question.
Although I will have more Questions later, but I will need to dig deeper in what you already told me n understand it better 1st at my end. Regards one of the information you shared:
“If you are making the 475(f) election for 2021 it had to be filed with a timely filed 2019 return (7/15/2020) or a timely filed extension for that year
for 2022 the election must be filed by 4/15/2021 or with a timely filed election for that year.”
I only started trading with increasing intensity in second half of 2020, with few wash sales. But 2021 will most likely have much greater bunch of day trades or short term trades (not focusing on dividends etc).
I filed my 2019 tax in March 2020 (there I had zero trades, I had no idea at that time that I will end up trading so heavily in 2020 and 2021).
2020 taxes will be filed again in coming March. So, based on what you explained, I can not claim 2020 or 2021 day trader exclusion (no wash sale rules) unless I had initiated that process in 2019 tax filing?
thanks.