Hello, I am in the process of making an election for Mark-to-Market Accounting and a statement looks like below.
- I am making an election under section 475(f) of the Internal Revenue Code.
- The first tax year for which the election is effective 2020
- The trade or business for which you're making the election.
Questions:
- I am electing for M-T-M accounting for year 2020 and will print out the federal return and at the last page of the return I will attach above statement. I wonder the M-T-M paper at the last page will not be ignored or not overlooked by IRS?
- I do not have any S-corp or any corp, what should I write for ‘The trade or business for which you're making the election’. Shall I just write my name?
- Me and my spouse are filing the return jointly as Married. Does an individual make an election or both together in such case? If both need to make an election, then first point should state as ‘ We, <Both filers first and last name> are making an election under section 475(f) of the Internal Revenue Code.
Thank you in advance for the help!
