[quote]I qualify for day trader....no other job.....avg 60 trades per month....held 1-5 days......etc.
I did not set up an entity and did not elect MTM.......so I am using a Sch D for reporting trades and Sch C for expenses.
I have a loss for the year...........
The tax return will treat the loss as a capital loss with the $3,000 restriction against my unemployment income.
How do I get the tax return to reflect the total loss as an net operating loss so I can net against income and carry balance forward and back [/quote]
Unfortunately, you missed the MTM election as an individual by April 15, 2003 for 2003.
If you are married, you may have a defacto husband wife general trading partnership with MTM elected internally.
Read about this on our site here http://www.greencompany.com/Traders/TraderEntities.shtml#husbandandwife and then contact me for a consultation.
Read our Missed MTM page here http://www.greencompany.com/EducationCenter/GTTRecMTMMissed.shtml