I have a 1040 client who wants to become a professional (active) trader in the eyes of the IRS. Based on his situation he should qualify for this status. Do you have any advice on how to go about this? I need to know how to set it up on their tax return? I don't know if the change in status has to be reported the year before in order for them to be allowed to elect the status? I use UltraTax for my tax program.
Please respond if you have any knowledge of this.
Please respond if you have any knowledge of this.