3115/mark-to-mark day trader

[Sam Hopi]

Hi Mike, happy new year and your description was very helpful.

I see on 3115 ask : Tax year of change begins (MM/DD/YYYY)
Tax year of change ends (MM/DD/YYYY)

If waiting periods is  5 years,  so ending period should be 5 years later?

if 2023 is the first year for me as day trader, I mean I did not have any securities at the end of 2022, and broker will send me the 1099  by the end of Jan 2024 so based on your explanation, I did not need to file 3115 along with 2022 tax return? I need your answer for this question.

For 2024 if I want to be day trader, so form 3115 need to be filed with 2023 tax return by April 2024? 

I know I am a little dumb, since the way I can understand is having some example, sorry.

I wanted to express my gratitude for your help.

[Sam Hopi]

Hi @Rick19744 @Mike9241. Could you please help me to find my answers of my last post:   

I see on 3115 ask : Tax year of change begins (MM/DD/YYYY)
Tax year of change ends (MM/DD/YYYY)

If waiting periods is  5 years,  so ending  period above should be 5 years later? What happens if want to stop trading after one year later?

if 2023 is the first year for me as day trader, I mean I did not have any securities at the end of 2022, and broker will send me the 1099  by the end of Jan 2024 so based on  explanation posted here, I did not need to file 3115  and  made election along with 2022 tax return? 

For 2024 if I want to be still day trader , so form 3115 need to be filed with 2023 tax return by April 2024? (and 475(f) if I had some opened position) am I right?

As I understood, if I had opened position at the end of the first year of my trading (2023), so I will need to file form 3115 and 475(f) on tax season 2024 otherwise I do not need to file form 3115  since  Adjustment is 0.

I wanted to express my gratitude for your help

[Rick19744]

@Sam Hopi 

This is not an area that you should be handling by yourself; as is evident in that many of your questions have already been addressed.

As noted previously, this is a very technical area and highly scrutinized by the IRS.  You need to have a one on one with a tax professional.  The cost of not doing so could be significant; improper form completion, missed deadlines, incorrect election, incorrect timing, etc.

There are too many facts that need to be handled on a one on one basis.  The questions you asked are just the tip of the iceberg and this forum is not conducive to handling questions in this manner; nor is it advisable.

Get professional input and help before you move ahead with any decision.

[Sam Hopi]

Thanks, but all thing already been addressed were just part of instruction. I thought you are expert, sorry about that