Green says only 3115 need be filed today?

[probability_man]

http://www.greencompany.com/Traders/TraderTaxPrep.shtml

I thought the tax return also has to be filed today. Would to have more time to polish return.

 

[probability_man]

surely somebody here has gone through the experience of filing a net operating loss without an accountant. Don't tell me I'm the only one

 

[GermanTrader]

To my knowledge, accountants are not bound by law fix their mistakes, even if they cost you money or getting you in hot water with any given tax authority.

 

[probability_man]

german trader, it is my understanding that some accountants offer guarantees for mistakes.

 

[listedguru]

Is this for the 2007 tax year that the form 3115 is due today?

-Guru

 

[probability_man]

I am filing form 3115 & 4797 along with a Net Operating Loss today.

Are there any long term negative consequences from finalizing the MTM election?

I know that stocks where you want long-term capital gains you must keep segregated. Any other future downsides to MTM?


I guess I am just worried that having MTM tax status may somehow come back to haunt me down the road when I am no longer daytrading anymore. I may not ever return to daytrading after a horrible 2007.

Hypothetically, if down the road I joined a prop firm, would whether I have elected MTM status in the past matter at all?