Question on wash sales

[skaranam]

I am about to prepare taxes. Is wash sales applicable to futures as well? Can someone answer this please? Thanks.

 

[Ebo]

No, just submit your net loss for the year!

 

[skaranam]

Ebo, Sorry for asking basic questions. This is my first year with futures. I am assuming that I need to enter all the futures transactions in Schedule-D just like stocks. But are you saying that I can report the total profit/loss as just one transaction. Thanks.

 

[Ebo]

You do not need to list every transaction, just the net.

Enter the 2005 Gain/Loss on form 6781 First, then carry over line 8 & 9 to Schedule D line 4.

This is used for Section 1256 Contracts, (Futures).


http://www.irs.gov/pub/irs-pdf/f6781.pdf#search='irs%206781%20%20%20form'

 

[skaranam]

Ebo, Thanks for your quick reply.