Tracking E-MINI futures trades

Discussion in 'Index Futures' started by cp1, Feb 16, 2012.

  1. cp1


    I recently opened an account with Tradestation to trade e-mini futures. I've never traded futures before. I plan to start trading the ES and may consider the NQ and TF way in the future. Before I start placing any trades I like to know how to best track profits and losses for taxes....what software do people use? I use quicken for my stock trades but Quicken does not have a feature to track futures.

    How do the people who have been trading futures for a while track their futures trades??

    Thanks in advance.
  2. Pekelo


    Some of us are using rolls:

  3. Lucrum


  4. Correct me if I am wrong, but I believe futures are reported as a single gain/loss using the IRS form 1256, which you'll get from your broker.
    You don't need to track individual trades for cost/basis, etc (I'm not sure if options on futures are the same as I am not familiar with them).
  5. You don't have to track futures trades for tax purposes. Your 1099-B for futures trading will have a single net profit/loss line that you use for tax reporting.

  6. Is that true for ETF's also? I've a feeling no.
  7. ETF's are NOT 1256 cars. Unless you have a deep burning desire to meet w/ your favorite uncle - you know uncle sam and the irs - don't try to claim this.
  8. Thank you. I'm currently learning on the Q's but hope to advance to the future. I hope I need to pay the uncle lots on taxes soon, cause I'm a patriot.