More and more frequently, I get consultation calls from potential clients, that are so confused. Three constant misunderstandings are.
Trader tax status vs Mark to market election. TTS doesn’t solve wash sales.
Form 3115 vs 475 election. 3115 is after the change to MTM, 475 must be filed before.
Wash sales can be recovered next year. True, but 1099bs inflate cost, so you do have a penalty this year.
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