Is it possible to file form 3115 for Market to Market accounting with Turbo Tax? if so where can the form be found that works with Turbo Tax? and can this 3115 election be filed electronically with turbo tax with Hard Copies sent at the time of filing , for the IRS records?
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form 3115
- Thread starter thebabyking
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Quote from thebabyking:
Is it possible to file form 3115 for Market to Market accounting with Turbo Tax? if so where can the form be found that works with Turbo Tax? and can this 3115 election be filed electronically with turbo tax with Hard Copies sent at the time of filing , for the IRS records?
I highly doubt TurboTax has this capability. It certainly didn't two years ago.
Do I just put a total of my gains and loses on line 10 of form 4794, and then supply the IRS with a detailed copy of my trades on a scheduled D attachment?
Quote from thebabyking:
Do I just put a total of my gains and loses on line 10 of form 4794, and then supply the IRS with a detailed copy of my trades on a scheduled D attachment?
You should consider buying one of these tax guides:
http://www.greencompany.com/Traders/Guides.shtml
I am not affiliated with this company. I used their Bronze Package and it saved me many hours of frustration in terms of declaring and using mark-to-market status.
thanks for the reply, do these guide show a lot of examples of completed returns, ie form 3115 , ?
Quote from thebabyking:
thanks for the reply, do these guide show a lot of examples of completed returns, ie form 3115 , ?
They showed at least one example of a completed form 3115. I'm not sure if they showed multiple ones, but the way in which you need to fill out the form could be inferred from this one complete example.
Good luck.