Elected MTM, what's next?

U

ugz

i elected MTM with my 2005 fed return and starting as a full-time at home stock trader this month. Other than keeping a detailed trade log and expense receipts, can someone please help me identify what else i need to consider for tax planning as a 'trader in securities' (i.e., not interested in an LLC at this time)?

best regards
 
Quote from ugz:what else i need to consider for tax planning as a 'trader in securities'
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Unless you think you're missing something that you want to specifically ask about, it sounds like you have it all under control!

Meet definition of a Trader
Document expenses
Elected M2M
 
Quote from ugz:thanks, is it ok to have the same IB account for both my day trades and investments?
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I don't think many tax advisors would suggest that the same account be used. ESPECIALLY if you didn't disclose that in the M2M election as required by the IRS regs and procedures...
 
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