Do you need to report all 1099-B transactions made on E-minis like stocks or just report profits/loss on it?
Tax on E-mini profits/loss
Started by
vitaminm
, Jun 19 2007 03:32 PM
10 replies to this topic
#2
mbradley
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Posted 19 June 2007 - 03:37 PM
Just PL. Records like a commodity. It is the commodity form, and gets the same 60/40 treatment.
#3
spoo tooth
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Posted 19 June 2007 - 03:50 PM
IRS,,,FORM........6781
Gains and Losses from Contracts and Straddles
#4
skyymaster
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Posted 19 June 2007 - 05:22 PM
Is here a program that can download to do this?
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#5
spoo tooth
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Posted 19 June 2007 - 05:45 PM
What do you need program to do.? The year statement from
Broker is ,marked to market. It's 1 number. Either profit/loss.
form 6781 is 1 sheet. Follow instructions. 60% of number
is short term gain. 40% is long term gain.
They go to sced. D.......then on to 1040.
#6
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Posted 19 June 2007 - 06:06 PM
60% of number is short term gain. 40% is long term gain.
Nope. The split is 60% long-term, 40% short-term.
Just in case anyone cares, the general rule on this sort of stuff is that any futures contract based on an index containing 10 or more securities gets Section 1256 treatment (60% LTCG/40% STCG). Futures on "narrow-based" indexes (9 or fewer securities) and single stock futures are treated as if they were securities (requiring a one year holding period for 100% LTGC,) not Section 1256 futures.
#8
greenie
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Posted 19 June 2007 - 06:27 PM
60% of number is short term gain. 40% is long term gain.
Nope. The split is 60% long-term, 40% short-term.
Just in case anyone cares, the general rule on this sort of stuff is that any futures contract based on an index containing 10 or more securities gets Section 1256 treatment (60% LTCG/40% STCG). Futures on "narrow-based" indexes (9 or fewer securities) and single stock futures are treated as if they were securities (requiring a one year holding period for 100% LTGC,) not Section 1256 futures.
Do you get the same tax treatment (60/40), whether the trades are on the short side or long?
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#9
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Mark S. Young
Posted 19 June 2007 - 06:36 PM
Greenie, short or long, but check with your CPA, as you pay him for such advise.
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#10
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Posted 19 June 2007 - 07:01 PM
Do you get the same tax treatment (60/40), whether the trades are on the short side or long?
Makes no difference. See 26 USC 1256.
"Securities futures contracts" are defined in 26 USC 1234B.
