Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

I had an unrealized profit on futures on my 1099B line 10,

Customer Question
regulated futures contract My unrealized profit...
I had an unrealized profit on futures on my 1099B line 10, regulated futures contract
My unrealized profit was $25,399, my positions closed in 2015, the next year, at a loss.
Do I need to pick up this 25,399 gain in 2014 even though it is unrealized ?
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 17 minutes by:
7/10/2015
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,877
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
My understanding is that one is only taxed on Realized Profits so if you enter the line 12 amount from the 1099-B you will be overstating the gains, as it contains the sum of the Realized and Unrealized profits. One reports the realized profits in Part 1 of Form 6781 and the unrealized profits in part 3 as a memo entry, which is not taxed..
Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Hi,
... just checking back in to see if you saw the answer.
to recap,
No, only realized gains are taxable.
Amounts on line 10 aren't taxable.
.
Let me know if you have questions...
.
Lane
Ask Your Own Tax Question
Customer reply replied 2 years ago
Thanks, ***** ***** answer I needed
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Great,If this HAS helped, I would appreciate a positive rating (using the stars or smiley faces on your screen)… That’s the ONLY WAY I'll be credited for the work here, Thanks! .Lane
Ask Your Own Tax Question
Ask Lane Your Own Question
Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,877
12,877 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

Lane is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I need a copy of the Filed Form 2553 for my company. can you
Hi, I need a copy of the Filed Form 2553 for my company. can you help me? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,490 satisfied customers
I am preparing a form 8802 for an LLC that will be filing as
Good morning. I am preparing a form 8802 for an LLC that will be filing as a Partnership on Form 1065. For 2016 this entity was a Single Member LLC and two Partners were admitted October 1, 2017. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,490 satisfied customers
Form 8300. We are doing a business to business transaction.
We are doing a business to business transaction. The form is not clear on how to compete. Do we complete Part I f … read more
Lane
Lane
JD, CFP, MBA, CRPS
12,877 satisfied customers
Will I need to accompany my SS5 form with a certified
Will I need to accompany my SS5 form with a certified marriage license in order to change my name on my social security card because of marriage? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,490 satisfied customers
Why form a Subsidiary S Corp. Why not just form a new S
Why form a Subsidiary S Corp. Why not just form a new S Corp … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
For form 1099-A what happens when the amount of the loan is
For form 1099-A what happens when the amount of the loan is less than the FMV of the property?… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
736 satisfied customers
Filling out form 1116. Need explanation for a carryover.
I am filling out form 1116 and I am unclear on how to calculate my carryover amount for line 10. Can you please explain how my last year's carryover was 126,426. Thank you… read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
Can you claim and file on a schedule Form A, monthly
Can you claim and file on a schedule Form A, monthly payments for Personal Property Taxes given to a family, member concerning property taxes paid in another state. My name is ***** ***** deed. The no… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,490 satisfied customers
In submitting a Form 8802 - Application for US Residency
In submitting a Form 8802 - Application for US Residency Certification, and since I need the certification for 2016 and 2015, years for which I have already submitted my Tax Return, do I need to submi… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,490 satisfied customers
I need assistance with Form 1099- to enter items for
I need assistance with Form 1099-B to enter items for Form8949 part A and Part B … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,490 satisfied customers
Help with Form 3520. Form 3520 - Need to know what line
Form 3520 - Need to know what line items to fill for having received a cash gift from a foreign citizen … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,490 satisfied customers
On form 4684 for a Ponzi Scheme loss, part of the loss was
On form 4684 for a Ponzi Scheme loss, part of the loss was from a Roth IRA, the ROTH IRA goes to form 1040 Schedule A, how do you show the Roth loss as form 4684 is additive. We showed it in line 40 a… read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
I'm forming an organization w friends and one of our
Hi - I'm forming an organization w friends and one of our purposes is to raise money for different charities throughout the year... we're trying to figure out if we need to register as a NPO, and then… read more
Lane
Lane
JD, CFP, MBA, CRPS
12,877 satisfied customers
I need a copy of the cp575 form and the. I need a form cp
I need a copy of the cp575 form and the JA: The Expert will know how to help. Please tell me more, so we can help you best. Customer: I need a form cp 575 and 147 C for valadition JA: Is there anythin… read more
abci168
abci168
Principal
27 satisfied customers
A single member LLC which was formed to rent residential
Barbara, A single member LLC which was formed to rent residential properties sells one of the properties in 2017. The LLC has unallowed losses per Part 1 of its 2016 Form 8582. Are the portion of the … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,490 satisfied customers
What is the purpose of irs form 2297. by signing this form,
what is the purpose of irs form 2297. by signing this form , am i giving up my right to my past refund? … read more
abci168
abci168
Principal
27 satisfied customers
What form is used on the fed 1120s to changed shareholder
what form is used on the fed 1120s to changed shareholder shares from one to another person and state and NYC forms as well… read more
Chad Schoch
Chad Schoch
Bacehlors of Business Administration
20 satisfied customers
I have received a short form CDR (second notice). The form
I have received a short form CDR (second notice). The form came by itself without any additional paperwork. How much time do i have before filling it out and sending back to SSA. What would happen if … read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
60 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x