Do I need to claim Trader Tax Status somewhere?

Forum|Forum|2 years ago
December 30, 2023
2 replies
35 views

Hi,

I qualify for Trader Tax Status this year, and I do not plan to take the mark-to-market election.
In this case, do I need to file anything with IRS to claim trader tax status?
Or, do I simply create a schedule C and enter related expenses there?

Thanks!

Best answer by Anonymous_

See https://www.irs.gov/taxtopics/tc429

There is no election that needs to be made for TTS, only if you want to elect MTM.

You should, of course, keep impeccable records and report expenses on Schedule C.

Anonymous_Answer

Level 15

See https://www.irs.gov/taxtopics/tc429

There is no election that needs to be made for TTS, only if you want to elect MTM.

You should, of course, keep impeccable records and report expenses on Schedule C.

David2024Author

Level 2

Thank you, @Anonymous_ !

Do I need to claim Trader Tax Status somewhere?

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