I am assuming that ES emini futures fall under the 60/40 long/short taxes rule. If I recall, the maximum deduction each year with stocks if $3000. I read an article concerning the potential losses that an individual can take off of their taxes with futures. However, the verbiage made mention concerning past year futures gains. With that being said if there was neither losses or gains last year (2008) any losses that I incur for 2009 will be tax deductible? OR Is it that losses from 2009 will not be tax deductible because there were no futures 2008 gains? Personal account. Non retirement.