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stopping mark to market election

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Money Talk > Taxes

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starwind
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stopping mark to market election  Reply with quote  

I have been using the mark to market election for 8 years now and wish to change my mark to market tax status. I am having trouble finding the information on how to do this. Can anyone direct me to the information?
Thanks in advance
Post Wed Feb 11, 2009 8:21 pm
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coaster
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Ha ha ... that's a first for here, I think. Most want to elect mark to market, usually after the fact, which they find out they can't do. I'm sorry I don't have a read answer for you, but just a quick search on the IRS website using keywords "mark to market election" and "trader status" produced a number of bulletins. I don't think there's any pubs out on that, but there've been enough rulings to generate some document traffic that should yield an answer somewhere in there.

~Tim~
Post Thu Feb 12, 2009 6:41 am
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starwind
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Thanks for your reply...
Another question along those same lines....if I did not trade enough last year for a number of reasons to qualify me as an active trader, then is there anything different I need to do on my taxes?
Post Sat Feb 14, 2009 5:13 pm
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coaster
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I think you'd just file an ordinary tax return, wouldn't you? Your mark-to-market from the previous year takes you to Dec 31 of 2007, then any gains or losses from positions open on Jan 1 and closed during 2008 just get taken on Schedule D or Form 6781 as appropriate, depending on the trading instrument. But I'm not a tax advisor, nor have I ever filed as "trader status" (never met the requirements, even when it was more loosely defined than now)

~Tim~
Post Sat Feb 14, 2009 11:01 pm
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