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Futures commodity losses tax deduction

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<p class="text-15-blue"><span>In 2009 I started...
<p class="text-15-blue"><span>In 2009 I started daytrading a futures commodity (the e-mini S&P futures), and as a novice trader I suffered losses.</span></p><p class="text-15-blue"><span>My questions:</span></p><p class="text-15-blue"><span>1. How much of my 2009's losses can I deduct from my 2010 income (received from sources other than trading) when I file my 2010 tax return?</span></p><p class="text-15-blue"><span>2. Can I deduct all of my 2009's losses from my 2010 commodity trading gains (in case I close this year with net trading profit)?</span></p><p><span class="text-15-blue">3. In case I don't close this year with a trading profit, for how many years can I deduct 2009's and any subsequent year's losses (assuming that I will have a profitable trading year in the future</span><span class="text-15-blue">)?</span></p>
Submitted: 7 years ago.Category: Tax
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Answered in 11 hours by:
9/3/2010
Tax Professional: Jesse Handel, Tax Preparer replied 7 years ago
Jesse Handel
Jesse Handel, Tax Preparer
Category: Tax
Satisfied Customers: 309
Experience: 10 years tax preparation. IRS Registered Tax Preparer.
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Hello Customer. Thank you for coming to Just Answer and allowing us to help you with your tax question. I answered your question and then performed more research and decided that your tax question is complex enough, that I am not comfortable that I can correctly answer your question. Since I can't unanswer your question, I will opt out and that will allow another expert to provide you an answer. Please be sure that you accept the box containing the other expert's answer and not mine. If other experts are reluctant to answer your question, you can relist the question and start over.

One question for the help of future experts, are your commodity futures that you trade in considered to be Section 1256 contracts?

Again, I apologize for answering your question before I fully researched the details of the situation. I didn't notice until after I had answered, that you were a day trader for commodity futures, rather than normal stocks.



Edited by Jesse Hand on 9/3/2010 at 7:15 AM EST
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Jesse Handel
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Experience: 10 years tax preparation. IRS Registered Tax Preparer.

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