i'm a recently started futures trader. can someone pls tell me how to file tax this yr? i filed schedule d before, is it the same for futures? thanks jmi
Here are some sites that can help: www.fairmark.com/traders/index.htm www.daytradertax.com/index.htm I would recommend a book, "The Trader's Tax Solution" by Ted Tesser. Lots of info. for traders. Try Amazon.com to purchase. Basically for futures you need to file form 6781 for 1256 contracts. These will get posted into Sch D...its 40% as short term and 60% as long term! If you are doing it as full time and as a trader, file Sch C for expenses of trading, ie data, hardware, software, training, etc. Good luck