I formed LLC for trading last year 2024 with S corp tax election.
Immediately after, I have kept 475f document in my LLC records within 75 days of LLC formation.
I am using 2024 TurboTax Business to file my taxes.
This is the first year, I am filing taxes for LLC.
Question:1
If I understand IRS docs correctly, I need to send 475f document and From 3115 (change in accounting method) along with tax documents, right?
Question:2
Does this (market to market election) apply for 2024 too or from 2025 tax year onwards?
I received 1099-B form from brokerage company.
I am filing Form 1120S as my tax election is S Corp on my LLC. I followed questionnaire and entered the details as per form 1099-B. Turbo Tax created Schedule D
Question 3: Is filing Schedule D correct?
Question 4: If it is correct, can I take deductions for LLC operating expenses?
Form 1120-S shows ordinary business income (Line 22) negative with deductions.
Net short term gains/loss (in Schedule K, Line 7) shows the amount entered from 1099-B.
Schedule K (Line 18) shows net income combining both Net short term gains/loss and deductions.
I really appreciate your quick and valuable responses.
Thanks,
