michele
Level 7
‎05-07-2020 04:08 PM

I want to classify  trade sales as a day trader transaction. I do not want a market to market. Yes I am aware of the rules. I was just looking in Lacerte where to mark this as and that there is no election that has to be made. There is a box that can be marked Securities Trader transaction. Is that the box I need to mark and nothing else.

thanks

Michele

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George4Tacks
Level 15
‎05-07-2020 05:04 PM

Press F1 when you are on that box and you will get

1 If Securities Trader Transaction

General InformationScreen 17; Code 48

Select the box (or enter 1) if the transaction is from a trading business rather than an investment activity. If an entry is made in this field, the program prints “(Trader Transaction)” after the description of the asset. However, an entry in this code does not trigger the program to report the transaction on Form 4797, Part II for a trader to which the mark-to-market method of accounting applies due to an election under IRC section 475(f). To report a security transaction on Form 4797, Part II, enter “-1” in “Depreciation allowed (-1 if none, triggers 4797)” (code 30). If the security was held for more than a year, also enter “2” in “1=short-term, 2=long-term [O]” (code 51).

Is this what you are looking for? What are you trying to accomplish?


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