A single member LLC became a trader in securities in 2020 and a return for 2020 and 2021 was filed reporting this activity in Schedule C as a trader. For both years they had a modest net income from trading. But an election (475) was not filed to be treated as a mark to market trader. And an election has not been made for 2023.
Can we request an election to go to a mark to market trader all the way back to 2020? If so, we will need to amend both 2020 and 2021 to adjust the change from cost to fair market value and file change in accounting Form 3115. Thanks,,,,Duane Anderson
Can we request an election to go to a mark to market trader all the way back to 2020? If so, we will need to amend both 2020 and 2021 to adjust the change from cost to fair market value and file change in accounting Form 3115. Thanks,,,,Duane Anderson
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