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MTM election Question

tknewman — Tue, 24 Feb 2026 08:24:04 GMT

I a a day trader, and when I filed my 2022 taxes in April, I attached the request for change my accounting method to MTM according to IRS code 475(f). I was told that my brokerage account needs a letter from the IRS stating that they allowed the change in the accounting method. Is this true? And If so, how do I get this letter since the IRS has not acknowledged the receipt of the letter?

Re: MTM election Question

Anonymous_ — Wed, 13 Dec 2023 14:37:49 GMT

Did you ever make the election and then revoke it?

Otherwise, the change is generally automatic.

Re: MTM election Question

Mike9241 — Wed, 13 Dec 2023 16:46:54 GMT

There is nothing in the code or regulations that mentions the need to submit a letter from the broker with the filing of the election so who told you this?

Re: MTM election Question

Anonymous_ — Wed, 13 Dec 2023 16:54:47 GMT

@Mike9241 wrote:

There is nothing in the code or regulations that mentions the need to submit a letter from the broker with the filing of the election so who told you this?

I believe @tknewman is referring to some sort of approval (or consent) from the IRS for the election, which is not required unless a previous election was revoked and then another election is made (within a certain period of time after the revocation).