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Creating an MTM Account in TradeLog

 
NOTES:
Only applies to TradeLog 1500 and TradeLog (unlimted records) which inlcude MTM functions.

Individuals must qualify for trader status by IRS rules and then elect mark-to-market accounting method based on federal procedures. We strongly recommend consulting with a CPA and/or trader tax expert in electing MTM. To learn more see our Online Tax Topics for more information.
 
To setup an MTM account in a data file:
 
  • Create a New Data File, or Add a New Account to an existing data file. The Account Setup dialog will appear - see step 1 of Getting Started Guide.
     
     
  • Give a unique descriptive Account Name for the account.
     
    DO NOT put the tax year in the Account Name field.
     
     
  • For Account Type select MTM (Taxable)
     
    If you used MTM accounting for the previous tax year, but did not use TradeLog, then check the box next to Did you use MTM last year?
     
     
  • For Broker Information select the appropriate broker from the Import Filter drop down. Then select the Default Import Method. If BrokerConnect is available this is the recommended import method.
     
     
    Note: The options for Auto Assign Shorts and Short/Long Convert will be selected by default if those conversions are required for the broker import you selected. Do not change these unless you have a specific reason to do so or are instructed by TradeLog technical support.
     
  • Click OK to setup the account.
 
Specific instructions apply for the next step, depending on your situation, select from the options below: