Haven't seen this before - client presented a 1099B from Apex Clearing with amounts under the section - Regulated Futures Contracts & Section 1256 Options. Line 8 Profit (Loss) realized in 2023 on closed contracts is a $600 loss. Line 11 Aggregate Profit (Loss) on Contract is the same number. Having not seen this before, hoping to jump-start my research on how to report on the 1040 (which forms this activity would be reported on).
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Form 6781 Part 1
The first one of these I saw was a few years out of college. It was my parents return which I was preparing at work on my lunch hour using my employer's software and computer. My boss knew I was using company resources to prepare my parents' return and he was fine with that, but I felt odd asking him for help with it. We did over 400 returns a year there and by the time I left there a few years later, I was reviewing most of the individual returns we prepared and I don't think I saw another return with that while I worked there. Even now, 30 years later, I only prepare about 3 returns a year with it. The form is deceptively simple and young me really felt I was doing something wrong with how obscure this 1099 seemed to me and how long it took me to figure out what form to use."Taxation is the price we pay for failing to build a civilized society." ~ Mark Skousen
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