tax question about futures

[islands111]

I have a loss of about $2500 trading futures in calendar year 2005.

how do deduct this on my tax return?
its not capital gains right?

I assume I simply deduct it from ordinary income for year 2005.

can someone please clarify?

thanks,
islands

 

[Free Thinker]

http://www.irs.gov/pub/irs-pdf/f6781.pdf

fill out form 6781 in software such as turbo tax. it will flow your losses to the correct place.

 

[wareco]

Futures Gains and Losses treated as 60% long-term Capital Gain or Loss, 40% Short-term Capital Gain or Loss