In a futures account, total equity or account value?

S

SoCalOptionsWriter

Trying to restate my p/l for last year, and I'm wondering if I should use for the futures portion of my overall balance, either 1) the beginning and ending Total Equity or 2) the Account Value. Yes, the numbers are different, by a few grand. Using frigging Schwab, if it matters. Thanks in advance.
 
SoCalOptionsWriter said:
Trying to restate my p/l for last year, and I'm wondering if I should use for the futures portion of my overall balance, either 1) the beginning and ending Total Equity or 2) the Account Value. Yes, the numbers are different, by a few grand. Using frigging Schwab, if it matters. Thanks in advance.
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Cash - open PnL.
 
You need to use sum of all realized profits and losses, and open trade equity (positive or negative) December for tax filings.

There is nothing to restate, broker statements are broker statements, positive December OTE, i.e. unrealized profits will be taxed as well.
 
SoCalOptionsWriter said:
Trying to restate my p/l for last year, and I'm wondering if I should use for the futures portion of my overall balance, either 1) the beginning and ending Total Equity or 2) the Account Value. Yes, the numbers are different, by a few grand. Using frigging Schwab, if it matters. Thanks in advance.
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What's the difference between Total Equity and Account Value? Aren't they the same thing? Anyway, futures are based on mark-to-market accounting, so all realized and unrealized gains/losses must be reported.
 
mervyn said:
You need to use sum of all realized profits and losses, and open trade equity (positive or negative) December for tax filings.

There is nothing to restate, broker statements are broker statements, positive December OTE, i.e. unrealized profits will be taxed as well.
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^^^^^^^^This. Don't overcomplicate it. Futures PnL is the easiest thing in the world.
 
mervyn said:
Not complicated, add up Jan to Dec monthly p&l, then add ote of Dec 31, it is done for tax filings.
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I was talking to the OP, not you. Reinforcing what you mentioned in that it is not complicated.
 
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