IB Tax Forms Help, futures, options on futures?

Discussion in 'Retail Brokers' started by newguy05, Apr 6, 2009.

  1. Hi i need some help with the IB tax forms. I traded stocks, futures, and options on futures for 2008 using IB. How do i calculate the short term and long term capital gains for my tax return?

    In IB under tax forms there are 2 sections of importance

    1) Schedule D Gain/Loss Summary Worksheet (for stocks)

    - It only lists Short-Term capital gain and losses, not Long Term. Does this mean i had no Long Term trades in 2008, or they are listed somewhere else?

    - Since all i have listed are Short Term trades, the "Sub Totals. Net proceedes for stocks, bonds, and T-bills" should equal to the "Totals" below it. However the "Totals" gain/loss is 50% less than the SubTotals above. ????

    2) IRC Section 1256 Gain/Loss Summary Worksheet (futures, options on futures)

    - Which number to use? Gross MTM P/L or Net MTM P/L?
    - futures and options on futures are taxed 60% long term 40% short term, so this means i just take the total number and do a 60/40 split? And put the 2 number (gain or loss) in the short term/long term capital gains section respectively?

  2. Stosh


    I can't answer your questions, except that you should get IRS form 6781. I think the instructions come with it. Stosh
  3. I can answer your futures question. IB has reported your gain/loss net of commissions. Just split it 60/40 long term/short term and report it on the correct form (form number escapes me at the moment). It will feed into two lines on your Schedule D. No detailed reporting needed for this like stocks.