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I am a daytrader with over 10K trades. If I use Form 4797 and mark to market election, will I be required to list each individual stock sale?(1099 is over 2K pages long)

When speaking to the TurboTax support, they mentioned that I would do a Form 8949 to summarize my stock sales (as a non-professional trader), but in doing this it seems the IRS still requires the listing of the individual stock sales even though they should receive this in the 1099-B from broker).  Unfortunately I didn't realize the TurboTax software cannot import the number of trades I have (well over 10K trades and over 15million in sales volume but small profit).  Entering the trades manually, with the associated wash sales, is impossible.  The 1099 form I have is well over 1,000 pages long and would cost a fortune to print out and send to the IRS.  My question is if I do a mark to market election, do I need to still report individual stock sales, or could I simply report the summary data in Form 4797?
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2 Replies

I am a daytrader with over 10K trades. If I use Form 4797 and mark to market election, will I be required to list each individual stock sale?(1099 is over 2K pages long)

talk to the IRS about how to submit your transaction detail on electronic media i.e CD or DVD.

I am a daytrader with over 10K trades. If I use Form 4797 and mark to market election, will I be required to list each individual stock sale?(1099 is over 2K pages long)

Don't try to be a Professional Trader without knowing the requirements for being a Professional Trader.

Did you submit your Trader election document with your 2018 tax return?

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