|
PureBytes Links
Trading Reference Links
|
Thanks. I'm forwarding your response to the group since others would
find it helpful.
David Moy
On Thu, 10 Jan 2002 18:38:53 -0800 (PST) axlq@xxxxxxxxxxx writes:
> >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
>
|