Registered: Jan 2003
Posts: 523

Does anyone know where the 1256 amount for futures and options is listed on Sched D, I cant find a spot to list it!!

Registered: Mar 2004
Posts: 1084

Abducens:

The Futures info is obtained from your Form 6781, lines 6 and 7. You normally enter it on the Sch D worksheet. It will eventually be part of lines 4 and 11 of Sch D.

Jack

Registered: Nov 2007
Posts: 656

Brokers are only reporting potential wash sales, not final wash sales - GreenTrader Weblog
http://www.greencompany.com/blog/index.php?postid=142

Registered: Dec 2001
Posts: 883

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Quote from Robert A. Green:

Brokers are only reporting potential wash sales, not final wash sales - GreenTrader Weblog
http://www.greencompany.com/blog/index.php?postid=142

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Registered: Mar 2004
Posts: 146

Eric,

A similar question is why is it necessary at all to show wash sale trades during the course of the first 11 mos. when you have no intention of trading those instuments for all of December? That is, if there's no losses from wash sales to carry over into the new year then you have nothing to report which leads to you having to report all those "potential wash sales" loss carry-forwards in the first place.

I got this kind of answer from the fairmark.com forums years ago. I don't report potential wash sales. I report actual ones.

So, don't turn potential wash sales into actual ones by either trading those instruments for either all of December or some or all of January of the next tax year. Personally, I choose to take the December non-trading route so that the proof is reconciled on one year's tax form instead of two.

And to the guy who asked about where to report Section 1256 contracts on his tax form...break down and pay 35 bucks and use a PC tax program and you won't have to worry about making those kinds of mistakes!

I strongly recommend going to the fairmark.com forums for tax questions. You've got years of great answers from the very simple to the very complex posted there.

Registered: Nov 2007
Posts: 656

Yes, brokers have filed these 1099-Bs with incorrect wash sale information with the IRS. Although, taxpayers are requesting corrected 1099s from brokers, some brokers may not have solutions in place to correct the wash sale information.

We currently recommend reporting correct trade accounting, including wash sales on your Form 8949. Show the difference between your trade accounting and your 1099-Bs, so the IRS can match your reconciliation differences.

We recommend extension filings and we hope to narrow the gulfs here after April 15th. We expect corrected 1099 filings, and hope the IRS provides some relief, like not matching cost basis, and issues further guidance.

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