New IRS schedule D requirements

What if you don't file with "Trader Status" ?

Can you just use a "summary" then or do you still have to account for every trade?

thanks
 
Quote from greddy:

Does this apply to YM traders as well? On the CBOT website, it mentions in one of the articles that YM transactions only need to be reported as a single line, and details are not necessary.

In any case, this new requirement sucks. Some daytraders will need a box to mail their tax returns.
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YM as any other futures are 1256 contracts, and are filed as one net amount. I guess you never filed before?
 
Quote from Bob111:

still have same question....:confused:
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are we still talking about this ?

Clearly the answer is no. Your responsibility is to pay the taxes you owe and as long as you do that you are OK. If a nonsensical requirement comes along - or discussion of a situation that clearly is unreasonable - then you just ignore it and pay your tax. If and when someone comes back asking for all the details then you can supply them - on tape or disk if necessary.
 
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