mark to market

Originally posted by tntneo
setharb,
MTM does not only bring you mark to market of open positions, it also transforms capital gains into ordinary income, so you can offset it with expenses and also avoid the 3000$ limit on losses (not that I wish you losses, but if you have some, better not limit the offset).
MTM brings you other things too. So it's not just about open positions.. oh yes, it eliminates wash sales rules (even without opened positions, you may be under the wash sales rules, be careful.. that's what MTM is used for as well).

tntneo
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Hi Ikspec,
you don't have your email receive turn on but my answer will be the same, buy Ted Tesser book or take a day off and read it in Barner & Noble or Border book, it will be the best $65 buck you will ever invest seriously http://www.alldirect.com/bsearch.as...407&srchType=bookAuthor&srchString=ted+tesser

After you declare intent to file as MM last year, you will be able to file as MM this year and 2 years back, however I just come across other ET thread saying new law allowing up to FIVE year back???

this is one of subject that the more you talk about it, the more confuse it become, only way to do it is follow the book instruction and then you will understand. :cool:
 
I hope my tax acct is not the only one who did not follow the

MTM rulings .... because if so , and if the IRS has some sort of software that flags traders who deducted more than $3000
in losses for a given year without the MTM election being taken

I guess my acct will have a date down the road with the IRS

and I will owe some back taxes (?)

:eek:
 
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