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Strategies & Market Trends : IRS, Tax related strategies--Traders -- Ignore unavailable to you. Want to Upgrade?

To: Dominick who wrote (1327)	4/6/2001 11:37:23 AM
From: Jon Tara	Read Replies (2) \| Respond to of 1383

You have to file the election in advance of the year that it applies to. I don't recall if the deadline is April 15 or December 31. I think it may be December 31. I also believe that once you elect mark-to-market, you are stuck with it forever. Now, "trader status", (filing Schedule C as a Securities Trader) I believe, you COULD go back and file an amended return and re-classify. There is no "election" required in advance as with mark-to-market. If you do elect mark-to-market, you MUST file trader status. The traderstatus.com site mentioned here often really is very good, and will probably answer these questions better than any of us can.