Futures Trading Tax Question

Discussion in 'Taxes and Accounting' started by Hambone, Feb 6, 2004.

  1. Hambone


    This is the first year I have had IB and traded futures exclusively. On the "2003 substitute composite statement of 1099 forms" that I received from IB, it only has 4 lines to it. I assume I have the line 1a and 1b entered correctly on my form 6781, but does anyone know where I should put the amount for "commissions paid"?

    If I remember correctly, last year, my broker at the time had that amount already deducted from the overall gross profit/loss totals that I entered on the 6781.

    Advice would be appreciated.:confused:
  2. Vas62


    I have the same question. My assumption is it may be subtracted from profit or added to loss. Nothing I could find in instruction to tax form. Just my opinion.