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Shane-CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 265
Experience:  Shane Northrop is a Certified Public Accountant, Personal Financial Specialist and a Chartered Global Management Accountant
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I have $120,000 in commodity futures trading profits. That

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I have $120,000 in commodity futures trading profits. That is what my 1099 said. Is that considered ordinary income or can a portion be considered capital gains?

Shane-CPA : name is XXXXX XXXXX I am a Certified Public Accountant. I look forward to assisting you.

Shane-CPA :

The commodity futures will be taxed according to Section 1256 of the Internal Revenue Code in which 60% of the profits will be taxed as long-term capital gains and 40% will be taxed as short-term capital gains.


Thank you. This is good news!!

Shane-CPA :

You're very welcome! Please let me know if I can provide you with any assistance in the future. If you are completely satisfied with the service I provided you, please provide me with positive feedback so I may receive credit for my response. I thank you for using Just Answer and hope you have a great day!


Will do.

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