Do wash sales apply to index futures?

Discussion in 'Index Futures' started by Jack Sparrow, Apr 5, 2006.

  1. Mepoor brains about to blow, maties. I can't sort it out...seems that pillage & plunder be a much finer job than doing taxes,.. savy?

    1st time me doin' me own taxes trading S&P futures. It has the looksies to being an easy mark. Just add up the total buys and sells in an Excel spreadsheet and send the total off to the IRS scoundrels as captial gains and we'll have an accord. No wash sales.

    Is me wrong 'bout this?
  2. Pabst


    No wash. If only the rest of the tax code was as easy as futures...
  3. Hey, need to use the proper form to report the P/L for futures... Form 6781. From there to Sch D, Cap. Gains/Losses. 40% short term; 60% long term.

    Ain't it great! :D No individual trades to report; no wash sale stuff; 40/60....yeah baby, yeah :D
  4. Is there a $3000 dollar limit for losses like equities?
  5. The $3k limits for losses is in Sch D Cap Gains/Losses. Yes, since that is where the futures Form 6781 information goes. The $3k applies to all capital gains/losses.