Question on wash sales

I am about to prepare taxes. Is wash sales applicable to futures as well? Can someone answer this please? Thanks.

 

No, just submit your net loss for the year!

 

Ebo, Sorry for asking basic questions. This is my first year with futures. I am assuming that I need to enter all the futures transactions in Schedule-D just like stocks. But are you saying that I can report the total profit/loss as just one transaction. Thanks.

 

You do not need to list every transaction, just the net.

Enter the 2005 Gain/Loss on form 6781 First, then carry over line 8 & 9 to Schedule D line 4.

This is used for Section 1256 Contracts, (Futures).


http://www.irs.gov/pub/irs-pdf/f6781.pdf#search='irs%206781%20%20%20form'

 

Ebo, Thanks for your quick reply.