Tax report on foreign currency based futures

Discussion in 'Financial Futures' started by clearpicks, Mar 28, 2006.

  1. Last year I made some trades of NI225 and TOPX futures (all are JPY based) and lost about ¥380000, which results in -¥380000 balance in my IB account. On the last day of the year, I made a USDJPY trading through IB to buy ¥380000 so that to bring the JPY balance in my IB account to near zero. The question is how I should report the above trades while filing tax? I used tradelog5 to generate schedule D for me. However it marks that only forex trade as an open position, which results in a higher year end profit than it should be because my loss on those Japanese futures is not included. Although potential delay of tax return on the $3200 loss to the next year is a small issue, having no idea how to file the tax correctly really makes me uncomfortable.
    How should I report tax regarding to the results of any non-usd based index futures? Help is greatly appreciated.