The Internal Revenue Code Section 475(f) election is due April 18, 2017, for the 2017 fiscal year even if you are filing an extension of time to file your 2016 tax return. I.R.C. §475 allows traders in securities or commodities, to elect to mark-to-market their securities or commodities to market value as of Dec 31, 2017, and all subsequent tax years. The mark-to-market provisions of I.R.C. §475 require a security or commodity subject to I.R.C. Section 475 to be treated as if it were sold on the last business day of the taxable year for its fair market value and a gain or loss must be recognized. Also under I.R.C Section 475, the trades subject to the election are not subject to the wash sales rules and those trades are not limited to the capital gain loss limitations.
Please contact me if you would like assistance with your I.R.C. election and/or extension.
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