Should I Elect Mark-to-Market?

[@Da_vin7777]

She’s the best at explaining so clear and make sense , another people just bS

[@xiaojinhuang4286]

I agree

[@invertedworth7588]

Hi Ying, You have the best explanation of the MTM process that I could find on KZbin, very detailed. I will be watching your other videos on this subject. As a show of my gratitude, I purchased your book on audible. Thanks.

[@AmandeepSinghSaini]

I wish I saw this video a year ago, excellent information. I’m here because of huge gains that can be deducted because of the wash sale rule.

[@carollocke9617]

Great Video!

[@DreamWalker886]

Thank you Ying. This MTM thing is a well kept secrete by the accoutning/tax community, there is almost nothing about it on the web until you explained it here.

[@vallejo41]

Finally, I found a video that explains this clearly. Thank you!

[@CommunityCPA]

Glad it was helpful! :)

[@myle6749]

Yes, I 💗 you Ying! Binging your videos, appreciating you for your generosity in sharing this knowledge with the community

[@dking253]

Hi Ying! You are so helpful and informative, thank you so much. I have intentions to turn my day trading into an actual business one day. I qualify as day 'trader status', my question is, since I haven't formed an actual business. Can I still file mark to market? I am accessing whether or not I can make an actual living as I am new to this, but I racked up over 130k in wash sales in my first 4 months of trading. I would like to elect mark to market and want to make sure I don't have to open a business first.

[@Arcadia517inc]

Great information!

[@margegrasser2955]

Day traders do not hold a position over night (.) Muchless holidays.

[@finesound2899]

There are many videos on this topic however none of them address the following: How can one confirm whether IRS approved MTM election? Do they send an approval letter? If they do, how long does it take to receive one? Thank you.

[@VictoriaAndDaisyEntertainment]

Since the 475 income is not self-employment income, can I write my trading (TTS) sole proprietorship's business expense and home office expense on schedule C off the 475 ordinary income? Or do I need to get other self-employment or W2 incomes? Thanks.

[@RTRT-jr8jv]

Great explanation, thank you!

[@carollocke9617]

So if I took a big loss with Mark to Market- sounds like it is best not to buy it back.

[@xiaojinhuang4286]

you are awesome🎉🎉

[@williamgarrett5774]

thank you very informative, but I need to contact your office or firm to do my mark to market acc. filing my income tax.

[@CommunityCPA]

Please do! Let us know if you need any help. :)

[@stevozz2]

Hi Ying! I have been a 475 MTM trader for 5 years and this is the first year I will have losses. As a 475 MTM trader can you carry forward those ordinary losses ? Example, My trading losses this year will be $50k and I am not employed this year and have zero income. I expect to go back to work next year and have income taxes of approx $30k so is there a way to carry forward those taxes losses to offset my expected income taxes for next year?. What form would I use if thats possible... thanks I love your videos!

[@sadiqmohiuddin]

How to contact you for questions?

[@Geor9e]

But what if in the basis example in December you sold for a loss?

[@TheEmericaism]

If one has never applied for TTS or 475 election, but clearly qualifies and has 2023 losses... Can that person elect for TTS and 475 election for 2023, and use the 2023 losses to offset 2022 gains?

[@TurkNukemHD]

hi thanks for all the info...li have watched all yr vidoes about MTM never seen form 4797.. when do we file this again?

[@CommunityCPA]

when you file 2022 return. You would receive a MTM statement. You will know to do that because your broker statement will tell you to use form 4797.

[@TurkNukemHD]

@@CommunityCPA awesome thanks a lot!!!

[@3fingerclay439]

What about forex?

[@Redsoxxx927]

Hello Ying!! I watched your recent vid on Mark to Market. I’m getting ready to send in my tax return. My question on STEP 1. All I have to do is a written letter and attach it to the tax return correct? Thank you!!

[@CommunityCPA]

Correct before April 18, 2022

[@kdd8350]

thanks

[@coolassjay1]

Ying- my accountant told me to mail the request letter because he electronically sends my taxes in. Is this okay?

[@Eric_Allen]

If I only have 1 account with my broker, do I still have to write the account number on the election statement? That would mean if I change brokers I would have to elect mark to market again for that new account?

[@CommunityCPA]

Yes MTM is by account. When you open new account and you would ask MTM. Your election copy will be proof of the method you wanted.

[@Mr.logic1234]

I could just hug you

[@BartMigal]

The 3k loss limitation, when you're not MTM: is that applied before you count up all your gains and losses, or after? for example, if I made 2 trades in a year... one was a 4k loss and the other was a 5k gain do I:? 1. count everything up first, which adds up to a 1k gain. Therefore the 3k loss limit isn’t applicable to me, and I then get taxed on that 1k. Or… 2. apply the 3k loss limit to my loss BEFORE adding everything up, which then results in declaring a 3k loss and a 5k gain, which subsequently adds up to a 2k gain, on which I then get taxed. thank you in advance for explaining this!

[@TurkNukemHD]

Ms. Ying, my name is Nicholas i have e mailed you but couldn't get to you due to possible crazy tax time. I have summitted my statement to my brokage company (webull) and they said they are working on it. Mean while im preparing my taxes and i will be attaching 475 (f) statement with my 2021 tax returns. I have so many transactions with my stock exchange i do not want to risk this process. Is there a way to contact you over the phone for 10 minutes where we could set up an email communication on how to progress on electing , filing, MTM ? I know this is tax season but i would like you to treat me as a consultation client maybe ? where you dont need to do any actual taxes or anything for me. Best Nicholas

[@CommunityCPA]

Just call our office and we do charge for consultation and book for 30 min if you do not need longer and they will lower the fee for you. we are just busy but our heart is always willing to help.

[@TurkNukemHD]

i called in to your cpa company talk to a gentleman have my number. He said you would call me but havent recieved a call yet.

[@TurkNukemHD]

@@CommunityCPA Hi! I will call you guys again tomorrow. I jus tneed someone to overlook the my progress on electing MTM and hopefully helping me to file taxes next year. I will call and book 1 with you hopefully!! I know its tax season and you are really busy Thanks Ms. Ying