Form 3115

[user1]

I was wondering if anyone has gone through the hassle of electing 475f (mark to market) for their day trades and could help me with the form 3115 that is required along with the election statement.

Thanks in advance.

[Brendan Egan]

I was wondering if anyone has gone through the hassle of electing 475f (mark to market) for their day trades and could help me with the form 3115 that is required along with the election statement.

Thanks in advance.

Hello,
I personally have gone through this form a few years ago for "day trader" status. I really don't feel comfortable helping you with the form though since I am not a CPA and struggled through the form myself (luckily I received the help of a CPA I know).

The form itself can be found in PDF form on the IRS website here: http://www.irs.gov/pub/irs-pdf/f3115.pdf
And the instructions for the form which are a little bit less than clear can be found here: http://www.irs.gov/pub/irs-pdf/i3115.pdf

A CPA should be able to fill that out for you for pretty cheap (less than $100) and considering the amount of money at stake if you fill it out incorrectly (plus a $1450 fee to revoke the form if you do it incorrectly) it would probably just be best to trust someone who is experienced in this. I've heard horror stories from traders who filled out the form incorrectly and ended up owing literally tens of thousands of dollars in extra taxes at the end of the year so I don't think it's something you want to risk.

Hope this helps give you some direction and sorry I couldn't be of more help!