I filed as a mark to market securities trader on January 1, 2024. I understand how to report my trades (realized gains/losses). I am not clear how to report 1) the mark to market loss that I had from December 2023 (before I filed as a trader) or 2) the mark to market adjustment for December 2024.
Can some tell me where these adjustments are reported? Thanks
you use the market value profit or loss on the 4797.
This would include any section 481 adjustment if you are going from a cost basis to MTM this year.
did you properly submit the 475(f) election with your timely filed 2023 return or extension. (by 4/18/2024)
Gains and losses of old are in your Investment account.
you must keep that separate from your trader account.
maintaining an Investment account and a Trading account just makes your reporting situation more complex.
Thanks for responding. This did not answer the question and misrepresents my situation. I do not have an investment account I only have a trading account. As a Securities trader with a mark to mark election (Form 3115) I need to report all activity (realized and unrealized). The trader
realized
gains & losses are reported on Form 4797 but I do not see any instructions on where to report the traderunrealized
gains & losses. I appreciate the response but I don't this I got an answer.you use the market value profit or loss on the 4797.
This would include any section 481 adjustment if you are going from a cost basis to MTM this year.
did you properly submit the 475(f) election with your timely filed 2023 return or extension. (by 4/18/2024)