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Frequently Asked Questions

What is section 475f of form 475?

Section 475(f) Election to use Mark-to-Market Accounting. Beginning in 1997 the IRS permitted active traders, who have qualified for "trader tax status" with the IRS and operate as a trading business, to elect a method of accounting called Mark-To-Market (MTM).

Can I get an extension on my 475 (f) (1) election?

Taxpayers’ request for an extension of time to make the § 475 (f) (1) election under § 301.9100 was filed e months after the due date for filing the § 475 (f) (1) election. The taxpayer essentially was asking the IRS to give him a break because he was simply not aware that this election was due so early.

When can a trader make an election under IRC §475 (f) (1)?

The trader can make an election under IRC §475 (f) (1) to use the mark-to-market method of accounting for any securities held on the last day of the taxable year. If a trader makes that election, the gains or losses are treated as ordinary and not capital—thus, no $3,000 per year limit is imposed on deducting the losses.

How to elect section 475f MTM for 2020 and 2021?

To elect Section 475f MTM for 2020 tax year, the election had to be filed by July 15, 2020 (the postponed IRS deadline). To elect Section 475f MTM for 2021 tax year, the election must be filed by May 17, 2021 (the postponed IRS deadline).

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