Form 6781 Foreign Currency Contracts

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- PAL7179
  
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posted
12 years ago

Sat, May 14, 2011 9:23 PM

I have a client that has had losses this year regarding from GFT from Foreign Currency trading.. Does anyone have experience with this form? I know it flows to the D Schedule, but do not know what detail actuallly should be included. We have an extension, but I may need to have him go to someone else.. This is the first year for the trading losses. Have 'read' the instructions, asked CPA's but no help.. Thanks Patricia

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- Tom Healy CPA
  
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posted
12 years ago

Fri, May 20, 2011 2:07 AM

Very little detail: the name of the commodity trading firm and the total gain (or loss). Only if the client is making elections is the form more complex (most people don't need to make elections). After he has lost most of his money ( that's the typical outcome) you won't be dealing with the form again

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