Can someone please tell me how I should do it properly. I could not find any instructions to file my futures & options trading, using Turbo Tax Deluxe.. I incurred about $500 loss in futures trading and $1,500 loss in options trading in 2003. Which forms should I use to file my losses? Thanks... Vrodtrader
http://www.irs.ustreas.gov/pub/irs-pdf/f6781.pdf and schedule D for option I think, it has been a while
sorry no loss allowed....just zero or above on futures....i do not know about options... If you want i can go through the menu and find the place in turbo tax...but it won't take negative numbers...so don't sweat it... Michael B.
Wow... I never knew that we are not allowed to claim loss from futures trading. I guess I can only claim up to $3,000 on options trading loss. Thanks to those peope who repsonded to my question. Vrodstud
Uh oh. I heard from a supposedly bright tax guy that you can deduct futures trading losses if you have offseting income (even earned income). I freaken hate tax time.
In TurboTax, go to Forms, then select Open a Form, go to 6781, and put your futures summary per acount in Part I. Index options (such as S&P options) also go in Part I, if I am remembering correctly. Individual stock options and some others (such as QQQs) go on Schedule D.
You can recognize losses on futures contracts, possibly up to $3,000 a year, but I am not entirely sure. Best bet is to contact the IRS, or to post your question on the forum at http://www.greencompany.com -- M
TurboTax will treat your losses correctly. You can recognize up to $3,000 in net losses (not offset by gains). For futures and index options, 60% of the gain or loss is long-term.
Has there been a change? in the the tax year 2001 I had a loss in futures and could not enter the negative number in turbo tax...When I ran the error reporting I had to remove it...I called the IRS at that tim to verify and they said no negative numbers..... Michael B.