Re: Loss carry-forward/back for day trader

[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]
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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