Thanks again. so much clearer now. But still need your help to clarify for the last question.
After M2M election, capital losses (day trading) in 2016 can be carryover to 2017 and fully offset if 2017 is a profitable year?
Once M2M election is made for 2016, gains and losses will be converted to as ordinary income. Therefore, carryover capital losses from prior years cannot be offset?
