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Mark to Market for Form 4797


Mark to Market for Form 4797 Report -This report is for traders in stocks, options and single-stock futures who elect mark-to-market accounting to report their trading activity on Form 4797

If a trader previously made the mark-to-market election,A trader may make an election under section 475(f) to report all gains and losses from securities held in connection with a trading business as ordinary income (or loss), including those from securities held at the end of the year. Securities held at the end of the year are “marked to market” by treating them as if they were sold (and reacquired) for fair market value on the last business day of the year. Generally, the election must be made by the due date (not including extensions) of the tax return for the year prior to the year for which the election becomes effective.

The report should be printed and attached to the official IRS Form 4797 for tax filing.

Securities or Commodities Held by a Trader Who Made a Mark-To-Market Election should fill out Form 4797 Line 10 :

  • Report on line 10 all gains and losses from sales and dispositions of securities or commodities held in connection with your trading business, including gains and losses from marking to market securities and commodities held at the end of the tax year
  • Attach to your tax return a statement, using the same format as line 10, showing the details of each transaction. Separately show and identify securities or commodities held and marked to market at the end of the year. On line 10, enter “Trader—see attached” in column (a) and the totals from the statement in columns (d), (f), and (g).

The following wizard will show you how to run a Mark to Market for Form 4797 Report.

  1. Click the item Mark to Market for Form 4797, you will get the following window:
  2. After you press Download button, the price of the holding securities at the end of specific finance year will be downloaded. (For example: we choose the transaction data in FY2007, TradeMax downloads the price of the holding securities on last day of FY2007.)

  3. After downloading the price of the holding security, Mark to Market for Form 4797 Report is generated as below:
    Basic Function
    1 Report data information including Data Source, Create Date, Tax Payer and Page of Total
    2

    Display the descriptions and gain and loss for all transactions in the current account and current period under Mark to Market accounting method.

    3 Display the Mark to Market for Form 4797 Report Total Amount of Acquired amount, Cost or other basis, and Gain & Lose.

    The following grid give a detailed introduction about the report .

    Function

    Description
    a).Description of Property

    The information of the security

    b).Acquire Date The purchase date of the security
    c). Sold Date The date you sold the security, if you haven’t sold the security before the end of specific year, Trademax will treated it as the last day of the year for the transaction is under Mark-to-Market methods.
    d).Acquired Amt( Amount) The Amount auto-calculated by the Quantity of the security* Original price
    f).Cost or Other Basis The Amount auto-calculated by the Quantity of the security* Price on Sold sate
    g). Gain/Lose The Amount auto-calculated by Cost or Other Basis – Acquired Amt

Export Trade Data to TaxAct


Export Trade Data to TaxAct

There are two processes involved in using TaxACT® to file your trading gains and losses with TradeMax:

Step 1 : Export Trade Data from TradeMax

Step 2: Import Data into TaxAct

Follow the instructions below to export trade data from TradeMax then import the data into TaxAct.

Step 1 : Export Trade Data from TradeMax

The following  illustration will show you how to export trade data from TradeMax:

  1. Run TradeMax, Click the specifc account and select the specific financial year.
  2. Right click specific Financial Year (e.g FY2009), and a dropdown list pops up:
  3. Select TaxAct Export option, a dialog box appears as below:
  4. Save your data into the specific directory.

Step 2: Import Data into TaxAct

Follow the steps below to import your TradeMax generated CSV file into TaxACT® Online version:

  1. Open your web browser and navigate to your TaxACT® 2010 Online Deluxe account.
  2. From the Q&A main menu, select the Federal Q&A tab.
  3. Expand the Investment Income menu option,and  then select Gain or loss on the sale of investments.
  4. Select Import from a brokerage provider via a CSV file option.
  5. Click on Import CSV File.
  6. Click on the Browse button.
  7. Navigate to and select the appropriate CSV file you saved in your computer.
  8. Next click Continue to begin upload and import process.
  9. TaxACT® will attempt to indentify the column header data in the file as shown in the images below. Make sure that the header data is identified correctly, the then click Next.
  10. Next TaxACT® will prompt you to select which rows of data will be imported. By clicking the check box at the top of the Import column you can select all rows – typically the easiest method.
  11. Click OK when prompted.
  12. Now you will need to un-select the top two rows, and bottom two rows as shown in the images below. Then click Next to continue.Note: TaxACT® will now allow you to chose the owner of the data, if necessary. Click Next to continue.
  13. TaxACT® will list all data found in the CSV file, click Import to complete the data import.
  14. Click Close when finished.
  15. To review the import result click on Income under the Federal Q&A tab.
  16. The total listed under Capital Gains & Losses should reflect the total gain or loss reflected in TradeMax (in addition to any other capital gains or losses you have already entered into TaxACT). Once you complete your online filing you can confirm your short-term and long-term capital gains and losses on the Schedule D form.
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