I did not know that I have elect the type of tax situation. What are my options now that it is already November. Where and how should I elect the type tax situation. I really appreciate you help.
From forex taxation basics:
"Deadlines for filing: In most cases, you are required to elect a type of tax situation by January 1. If you are a new trader, you can make this decision before your first trade - whether this is in January 1 or December 31. It is also worth noting that you can change your status mid-year, but only with IRS approval. "