In which year I need to select M2M when creating a new partnership LLC (2024) with spouse for stock options trading

[akumar]

Hi - I and my spouse are active trader and want to form an partnership LLC in Jun-2024 in california. In which year we need to select MTM (475f). I think we need to select before 3/15/2025 (along with filiing business taxes next year).

Could you @AmyC please confirm and provide more inforation.

Regards,

A

[tagteam]

See https://www.irs.gov/taxtopics/tc429  

AND

https://www.thetaxadviser.com/issues/2010/feb/sec475mark-to-marketelection.html