Revoking Mark to Market

If you elected to use mark to market for 2022, there is nothing you can do for 2022, unless there has been a significant change in circumstances, in which case you may be able to seek a private letter ruling from the IRS to revoke its MTM election    You can elect revoke mark to market for 2023, but only if you file the election timely.   

According to the IRS:

If you've made a valid election under section 475(f), the only way to stop using mark-to-market accounting for securities is to file an automatic request for revocation under Revenue Procedure 2022-14, Section 24.02. Under that revenue procedure, the request for revocation must be filed by the original due date of the return (without regard to extensions) for the taxable year preceding the year of change (the year of change is the first taxable year the revocation is to be effective). This revocation notification statement must be attached to either that return or if applicable, to a request for extension of time to file that return. Late revocations won't generally be allowed except in unusual and compelling circumstances.