I submitted a statement to IRS on Apr 8, 2022, along with my 2021 tax return, as per IRC 475(f), That was informing them that I choose to elect to adopt mark to market (MTM) accounting.
I did not stop there but also added that it will start from 1/1/2023 in the next sentence.
Latter on I found out that such declaration is actually applicable to tax year 2022.
Now my question is should I start MTM with 2022 or 2023 tax year? what is my obligation?
I appreciate if you answer this question.