Tax form entry for Futures / Options trading

Discussion in 'Taxes and Accounting' started by Austin Trader, Feb 16, 2008.

  1. I trade futures and options exclusively at different brokers. The futures broker mailed a 1099B with a monthly P&L of all trades. The options broker mailed a trading summary with a total cost basis and proceeds. As I made at least 1000 trades last year, how will I enter these figures on the tax forms? I'm assuming I will not be required to enter each trade individually? Thank you in advance.
  2. OK, so I see I can use IRS form 6781 to report the gain / loss on futures contracts. My main question now is if I can report gain / loss on options trades as one entry, or if I need to line item each trade.

    As far as capital gains go, are options and equities taxed at the same rate? Thanks in advance.
  3. Stock options and equities are taxed the same way.

    Unless you are MTM, I believe most retail traders have to list every single transaction.