Tax Preparation

[optionable]

Okay, I think I finally understand how to handle stock/stock options trades when reporting taxes.


Can someone shed light on how to go about working with TurboTax if you want to report Futures/Futures options trades?
One of the earlier posts mentioned that futures reporting is a lot simpler?

Thank you.

 

[FrankSlaughtery]

Optionable - for futures/futures options you only record the net gain/loss on form 6781. You also qualify for 60/40 tax treatment.

 

[optionable]

So, does the 1099-B form that the broker sends out contain the information I need to figure out what to enter for the net gains/loss on the 6781 form?

 

[FrankSlaughtery]

optionable - yes, your broker will give you a 1099 w/ the info you need. Here's a link to tradelog which gives some more detail.

http://www.tradelogsoftware.com/tax-topics/futures/

 

[morgen]

Quote from optionable:

So, does the 1099-B form that the broker sends out contain the information I need to figure out what to enter for the net gains/loss on the 6781 form?

Your net gains or losses should be reported on Field No 0810, Line 3

You can refer to the information by visiting the following URL
http://www.irs.gov/efile/article/0,,id=185692,00.html