As I understand it, brokers are allowed to report futures P/L either inclusive of commissions or report futures P/L pre-commission with commissions itemized separately. IB does the latter with futures. For the past few years, I have included a note to the IRS which specifies how I handled my return as follows, in a successful-so-far attempt to avoid the hassle of a letter from the IRS: "Note to Form 6781 On the âComposite Statement of 1099 Formsâ supplied by Interactive Brokers to the IRS, Line 1 âRealized Futures Profit/Lossâ and Line 2 âAggregate Futures Profit/Lossâ each reflect the pre-commission profit/loss and Line 4 âCommissions Paidâ separately identifies commissions paid on futures trades. To figure our return, we have subtracted Line 4 from Line 2 to reflect the profit/loss after cost of commissions." Not a big deal.
i don't know what all you guys are gettin g bent out of shape for. i ahve green and co do mine and the form seems to ahve a place for both gains and commissions
IB's 1099 has the breakdown. Are you saying that a different IRS form, that is part of your return, has a specific line for futures commissions? Please advise what that form number is. Jack