Tracking E-MINI futures trades

cp1 · Feb 16, 2012

I recently opened an account with Tradestation to trade e-mini futures. I've never traded futures before. I plan to start trading the ES and may consider the NQ and TF way in the future. Before I start placing any trades I like to know how to best track profits and losses for taxes....what software do people use? I use quicken for my stock trades but Quicken does not have a feature to track futures.

How do the people who have been trading futures for a while track their futures trades??

Thanks in advance.
CP1

Pekelo · Feb 16, 2012

Quote from cp1:

How do the people who have been trading futures for a while track their futures trades??

Some of us are using rolls:

Lucrum · Feb 16, 2012

Quote from Pekelo:

Some of us are using rolls:

http://www.elitetrader.com/vb/showthread.php?s=&threadid=113413&perpage=30&pagenumber=2

Obviously you are just being funny.

TheGoonior · Feb 16, 2012

Quote from cp1:

I recently opened an account with Tradestation to trade e-mini futures. I've never traded futures before. I plan to start trading the ES and may consider the NQ and TF way in the future. Before I start placing any trades I like to know how to best track profits and losses for taxes....what software do people use? I use quicken for my stock trades but Quicken does not have a feature to track futures.

How do the people who have been trading futures for a while track their futures trades??

Thanks in advance.
CP1

Correct me if I am wrong, but I believe futures are reported as a single gain/loss using the IRS form 1256, which you'll get from your broker.
You don't need to track individual trades for cost/basis, etc (I'm not sure if options on futures are the same as I am not familiar with them).

jeb9999 · Feb 16, 2012

Quote from cp1:

I recently opened an account with Tradestation to trade e-mini futures. I've never traded futures before. I plan to start trading the ES and may consider the NQ and TF way in the future. Before I start placing any trades I like to know how to best track profits and losses for taxes....what software do people use? I use quicken for my stock trades but Quicken does not have a feature to track futures.

How do the people who have been trading futures for a while track their futures trades??

Thanks in advance.
CP1

You don't have to track futures trades for tax purposes. Your 1099-B for futures trading will have a single net profit/loss line that you use for tax reporting.

futurecurrents · Feb 16, 2012

Quote from jeb9999:

You don't have to track futures trades for tax purposes. Your 1099-B for futures trading will have a single net profit/loss line that you use for tax reporting.

Is that true for ETF's also? I've a feeling no.

FrankSlaughtery · Feb 17, 2012

Quote from futurecurrents:

Is that true for ETF's also? I've a feeling no.

ETF's are NOT 1256 cars. Unless you have a deep burning desire to meet w/ your favorite uncle - you know uncle sam and the irs - don't try to claim this.

futurecurrents · Feb 18, 2012

Quote from FrankSlaughtery:

ETF's are NOT 1256 cars. Unless you have a deep burning desire to meet w/ your favorite uncle - you know uncle sam and the irs - don't try to claim this.

Thank you. I'm currently learning on the Q's but hope to advance to futures....in the future. I hope I need to pay the uncle lots on taxes soon, cause I'm a patriot.