I have a loss of about $2500 trading futures in calendar year 2005. how do deduct this on my tax return? its not capital gains right? I assume I simply deduct it from ordinary income for year 2005. can someone please clarify? thanks, islands
http://www.irs.gov/pub/irs-pdf/f6781.pdf fill out form 6781 in software such as turbo tax. it will flow your losses to the correct place.
Futures Gains and Losses treated as 60% long-term Capital Gain or Loss, 40% Short-term Capital Gain or Loss