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Author: amilian Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121175  
Subject: Mark-to-market question Date: 8/6/2001 11:07 PM
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Quick question:

I became a resident Alien here in the US (Australian citizen) in January 2001. In early June 2001 I began "day-trading" for a living (yes I expect to satisfy requirements regarding frequency and volume of trades). I have never submitted a US tax return before - this year will by my first.

In these circumstances, I was not able to 'elect' for MTM by the normal due date - nor make notes in my books by 2 months 15 days after commencement of the year (only started books and trading in June this year).

I'd still like to elect for MTM accounting for this year. What should I do? Must I write to the IRS? In these circumstances will my 'election' still be accepted as valid for the current year? Or will I fall victim to wash sale rules and 3k limit on losses?

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