I learned about section 475 after the year started. Did I already miss the election window?
I am in the UK and trade full time through my U.S. LLC. I only recently learned what section 475(f) does, and now I am seeing references that the election deadline arrives before the year it applies to. That sounds almost backwards, which is why I am trying to confirm I am not misunderstanding it.
If I did miss the deadline, I would rather know now and plan correctly than keep reading old threads hoping there is some easy late-election workaround. I want the plain-English version of the deadline and what the IRS usually expects when the window has already passed.
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