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You are exactly right. I did forget to tell them about the form 6781. The
gains or losses go on part 1 (Sec. 1256 contracts marked to market) of form
6781 Gains and Losses from Section 1256 Contracts and Straddles.
It then goes to Schedule D where it is broken down between lines 4 of
section I and line 11 of part II. (The short-term/long-term distinction)
The gains and losses, short and long-term are netted on the schedule D part
III.
It then goes to your form 1040 page 1 line 13.
You may need to also do the calculation for alternative minimum tax as well.
Perry
Futures on Stocks Central
H. Perry Dahm, CPA, CTA
mailto:hpdahm@xxxxxxxxxxxxx
300 Esplanade Drive, 9th Floor
Oxnard, CA 93030
805-981-3928
800-350-8744
-----Original Message-----
From: multitrak@xxxxxxxxxxxxxxxx [mailto:multitrak@xxxxxxxxxxxxxxxx]
Sent: Thursday, January 10, 2002 6:43 PM
To: omega-list@xxxxxxxxxx
Subject: Re: hurray tax time
Actually it's what happens before that...he forgot to tell you about Form
6781 where futures gains/losses are reported before entering them on
Schedule D. The 60%/40% long/short term split is performed on Form 6781 and
then it flows to Sch D.
MT
>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. What happens after that?
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