MTM election Question

[tknewman]

 I a a day trader, and when I filed my 2022 taxes in April, I attached the request for change my accounting method to MTM according to IRS code 475(f). I was told that my brokerage account needs a letter from the IRS stating that they allowed the change in the accounting method. Is this true? And If so, how do I get this letter since the IRS has not acknowledged the receipt of the letter?

[Anonymous_]

Did you ever make the election and then revoke it? 

Otherwise, the change is generally automatic.

[Mike9241]

There is nothing in the code or regulations that mentions the need to submit a letter from the broker with the filing of the election so who told you this? 

[Anonymous_]

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@Mike9241 wrote:

There is nothing in the code or regulations that mentions the need to submit a letter from the broker with the filing of the election so who told you this? 

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I believe @tknewman is referring to some sort of approval (or consent) from the IRS for the election, which is not required unless a previous election was revoked and then another election is made (within a certain period of time after the revocation).