TTS business

Forum|Forum|5 years ago
August 4, 2020
2 replies
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Dear Sir,

I am qualified as TTS. I already formed LLD and as trader tax situation. Do I need to get section 475? I know the deadline is Apr 15. where do I get that section 475?

Best answer by Anonymous_

@mw30 wrote:

Do I need to get section 475?

If you want to be subject to the mark-to-market rules then you need to make the election.

You can make the election by attaching a statement either to your income tax return if filed without an extension or to a request for an extension of time to file your return. The statement should include the following information:

That you're making an election under section 475(f);
The first tax year for which the election is effective (that is, the tax year for which a timely election is being made); and
The trade or business for which you're making the election.

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

If you are serious about this option, you should seek professional tax guidance.

Anonymous_Answer

Level 15

@mw30 wrote:

Do I need to get section 475?

If you want to be subject to the mark-to-market rules then you need to make the election.

That you're making an election under section 475(f);
The first tax year for which the election is effective (that is, the tax year for which a timely election is being made); and
The trade or business for which you're making the election.

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

If you are serious about this option, you should seek professional tax guidance.

mw30Author

Level 2

Thank you very much for your feedback.I wonder which turbo tax program do I use if I file S corp? What about my personal taxes? Do I need to prepare two different turbo tax to get my personal taxes done?

mw30Author

Level 2

@mw30 wrote:

The only reason I am asking cause I receive a 1099 misc form and it should be reported in schedule either C or schedule E.

Rental income is generally reported on Schedule E. However, as noted previously, there are exceptions.

If you post more details concerning the nature of the rental income, suggestions can be more accurate and precise. Otherwise, you really need to consult, in person, with a tax professional.

Thank you so much for your patient. I own a condo inside a resort hotel type. It is a Commerical type, the hotel helps to rent out and take 1/3 of revenue. By the end of the year, they send a 1099 misc form to me. I think it is a sole priority and fill as schedule c. Buy this year I plan to report as S corp instead of LLC. So as of personal income tax, that is my own income so I don't know what turbo tax software name I should use. Can you please give me so advice?

mw30Author

Level 2

Hello,

I am planning to elect the LLC (only one person )tax as S corp this coming year. My question is that I have transferred some cash to my LLC stock trading account and I made some money. How the IRS knows that the money that makes includes some of the money I have funded to my account. It is the difference between the beginning balance Jan 1st of the year and the end of Dec 31st. I just wonder if I have some money to my LLC trading account that will be a double tax for the part of the money I funded. Thank you much!