I'm doing some tax research about the taxibility of investments. Suppose I have a gain on oil futures and a loss on some other kind of futures, how much tax would I need to pay for them? Thx.|||Without knowing more about the situation without killing myself, I really cannot tell you. However, I can tell you my insight about the futures. Yes. It is very dark.
Anyhow, futures contracts are subject to Code section 1256, you will need form 6781:
http://www.irs.gov/pub/irs-pdf/f6781.pdf
You will need to report it when you realize (sale) it.
You may have straddle within your futures. They will just conduit (pass through) to your Schedule D as long term or short term gain or losses.
The unrealized portion will be reported on Part III.
PS In short, do you have realized net gain or loss? If got net loss, you do not need to worry about taxes. If you got net gain, for short term, you should pay your marginal tax rate multiply net gain. If you long term capital gain (hold fore more than one year), you most likely pay 15% of the net gain.
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