First Year Using MTM

If this is the first year that you will use MTM accounting for this account:

• After setting up the account you will need to enter all baseline positions held open from the previous tax year.
   
  All baseline positions will be entered with the actual date and original cost basis (price paid).
  To see full details on how to enter baseline positions click here.
   
• When finished entering baseline positions TradeLog will automatically find the historical year end fair market price for each position.

  

  If the price cannot be located, TradeLog will leave the price blank, and you will need to manually enter the year end fair market value for each position not found.

  

  Year-end prices can often be found on the broker's statement for December of the tax year. Please make sure you verify the prices found with your statement.
   
• TradeLog will make two entries for each of these closing prices, one to close the position with the date of 12/31 of last year and another to open the position on 01/01 of the current tax year.
   
  NOTE: This entry of the actual price paid and the year end closing price for each open position is necessary for TradeLog to calculate your IRS section 481 adjustment.
   
• Once all of your open positions are entered and priced you may proceed with importing your trade history.