Bad AI advice

More and more frequently, we 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.

AI can give you some information, but a trader tax specialist will always be able to customize their recommendations to your specific situation.

Dave LongJune 30, 2026Day Trader Business and Tax Tips

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Day Traders Taxes LLC
1760 W 2100 S #27052, Salt Lake City, UT 84127
Phone: 801-747-5760 | Email: info@daytraderstaxes.com

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