turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Do I need to claim Trader Tax Status somewhere?

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!

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

Do I need to claim Trader Tax Status somewhere?

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.

View solution in original post

2 Replies

Do I need to claim Trader Tax Status somewhere?

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.

Do I need to claim Trader Tax Status somewhere?

Thank you, @tagteam !

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies