Tax Reporting on Futures?

Discussion in 'Taxes and Accounting' started by sledged, Mar 29, 2011.

  1. Filling out form 6781 is extremely easy. Probably one of the easiest investment related forms that exists.
     
    #11     Apr 9, 2011
  2. the1

    the1

    About 10 years ago I was audited because I completely forgot about one of my trading accounts. I lost $150 in that account but since I didn't report it the IRS figured my tax liability on proceeds with zero basis. I got a proposed assessment for $34,000. I simply filled out 6781 and schedule D and the audit was settled. In recent years I have noticed the IRS has become more customer oriented. They actually talk to you and treat you like you're a customer. I find the IRS easy to work with. All they really want is the money they feel they are entitled to.

     
    #12     Apr 9, 2011
  3. the1

    the1

    Reporting equities can be very easy too. Instead of listing each transaction list your total proceeds and basis on Sch D from all trades and then mail in Form 8453 with a copy of your brokers statement. Be sure to separate the trades between long and short term holding period. Easy as pie.

    http://www.irs.gov/pub/irs-pdf/f8453.pdf

     
    #13     Apr 9, 2011