Tax guidance - a little help on futures/forex trades

Discussion in 'Retail Brokers' started by karl-dcb, Mar 19, 2006.

  1. karl-dcb


    I've always prepared my taxes myself using Turbotax, they've been very simple and easy to do in the past. I've traded a futures speculative account with my company, but never traded an account using my own money. I'm just not familiar with the tax preparation and the next step to take...

    This past year, I started trading futures, forex, and a few stock options. I'm having trouble figuring out how to go about preparing the 1099 along with schedule D.

    I have the 1099 consolidated form that shows my net futures profit/loss.

    I have made several trades in each of those instruments, and netted out at a loss for the year.

    I'm thinking I should just take this to a professional tax preparer, but if anyone has any suggestions, advice, etc, I'd very much appreciate it.

  2. karl-dcb


    Is a forex trade considered a "foreign currency contract."

    I'm actually very close to taking this to a professional preparation service, just curious for my own future knowledge.

  3. Ebo


  4. Catoosa


    Thanks Ebo:
    This information has been most helpful.