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Investors & landlords
At some point you probably should consider changing the account information for your brokerage account to reflect the name of your LLC with you as the owner/member. Individuals cannot elect to be taxed as an S Corp, but an LLC can make such an election. Moreover, the documents you filed with the state (articles of formation/organization or similar document) should reflect the purpose of your LLC, which we assume is securities trading.
Given that all of the income of your S Corp will pass to you, and given the fact that an S Corp does not pay taxes, you probably should put your name on Form 4797. Single member LLCs are treated, for tax purposes, the same as a sole proprietor. A securities trader who has not made the MtM election would prepare a Schedule C, Profit or Loss From Business, but in your case, because you are planning on making the MtM election, you will complete Form 4797.
You will need to use TurboTax CD/download because to enter your transaction information on Form 4797, you will need to go into Forms mode and effect manual entries. Moreover, TurboTax currently does not support the statement that you need to attach to Form 4797; therefore, you won't be able to e-file your return through TurboTax. Consequently, you will have to print out your return and paper mail it to the IRS along with the attached statement for Form 4797.
Regarding your S Corp and its filing deadline, S Corps are pass through entities. As you noted in your post, S Corps are not legal entities created through a state filing but rather, an S Corp is a tax election. Your S Corp will issue you a Schedule K-1 reflecting your profit and loss from the business. Because Form 1120-S needs to be completed first before Schedule K-1s can be issued, and because of IRS matching, Form 1120-S has an earlier filing deadline than a personal income tax return.
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