The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Trader status mark-to-market election||Date: 9/18/2013 11:40 PM|
|Author: sdsaavedra||Number: 119166 of 125704|
I've been a swing trader for a few years and I'm considering switching to mark-to-market tax status - wash sales have been killing me. I think I understand the ramifications pretty well except if anyone knows an answer to the following I'd appreciate it:
1) I know that a trade of a like security in a tax advantaged retirement account within 30 days of a losing trade in a taxable account may require that I pay taxes on gains in the tax-advantaged account & possibly interest & penalties. Is this still true if I make the MTM election?
2) Do my accumulated short-term capital loss carryovers from previous years disappear when I switch from Schedule D to MTM? If not how do I include them in post-MTM return(s)?
Thanks very much in advance if you can help.
PS How do I search this Board to find out if this question has already been asked?
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