Do I need to claim Trader Tax Status somewhere?

[David2024]

Hi,

I qualify for Trader Tax Status this year, and I do not plan to take the mark-to-market election.
In this case, do I need to file anything with IRS to claim trader tax status?
Or, do I simply create a schedule C and enter related expenses there?

Thanks!

[Anonymous_ · Accepted solution]

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

There is no election that needs to be made for TTS, only if you want to elect MTM.

You should, of course, keep impeccable records and report expenses on Schedule C.

[David2024]

Thank you, @Anonymous_ !