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John
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stranger
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Reged: 04/10/06
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Posts: 1
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Trying To File Mark To Market For 2006 On Time
#586 - 04/10/06 05:50 AM
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Sure hope you can help me. My 2005 Tax Return Is done and Ready to mail off. I will be trading Stocks Full-Time this Year 2006 And my only job. I understand all I need to do is attached A letter to my 1040 stating under section 475 (f) of the Internal Revenue Code. For the first year I will be using mark to market method of accounting. Is this correct ? Which would be part 1 of 2 parts to complete? Want to be sure I have this Request letter right for I do not miss out on my mark to market of accounting.
I than understand form 3115 IRS would be completed with tax year 2006 1040 right? Looking forward to hearing from someone soon. I also plan on having your Company take care of all our tax work from here in out. My wife's friend sent us your way, Thank you for your help
John
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Re: Trying To File Mark To Market For 2006 On Time
#587 - 04/14/06 07:54 AM
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Yes, elect MTM IRC 475 by 4/17/06 for 2006 and file Form 3115 with your 2006 tax return in 2007. All the steps and the exact statement to use are in my book.
We look forward to working with you later in the year.
There are lots of nuances around MTM IRC 475, so we suggest our book and/or a 30 minute consultation.
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Robert A. Green, CPA & CEO
GreenTraderTax.com
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