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>I have a question regarding futures. I understand that profits and
>losses from futures trading is taxed at a rate between long term and
>short term capital gains/losses. You state that the net on futures
>trading for the year is reported on Schedule D.
[butting in to the conversation]
No, that's not exactly what you do. You fill out Form 6781 "Gains
and Losses from Section 1256 Contracts and Straddles" with data
from your Form 1099-B. Of the gain (or loss) you report, 40% gets
recorded in Schedule D as SHORT-term capital gain (or loss), and 60%
gets recorded in Schedule D as LONG-term capital gain (or loss).
Form 6781 flows into Schedule D, which subsequently flows into your
1040 tax return.
I used to use TaxACT software but it doesn't support form 6781.
TurboTax Deluxe does (or did last year).
--
,|___ Alex Matulich -- alex@xxxxxxxxxxxxxx
// +__> Director of Research and Development
// \
//___) Unicorn Research Corporation -- http://unicorn.us.com
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