IRS Form 6781 with a Section 1256 Carryback Claim
Form 6781 is used to report gains and losses from Section 1256 contracts and straddles. In certain cases, if a taxpayer has a net loss for the year, they can carryback those losses to prior years.
IRS Form 2439 for Undistributed Long-Term Capital Gains
A shareholder of a RIC or a REIT may receive a Form 2439 which shows a taxable allocation of undistributed long-term capital gains from the entity. This information is necessary to complete the shareholder's income tax return.
Do I Pay Income Taxes on Reinvested Dividend Income?
U.S. taxpayers will generally report gross income from whatever source derived. This includes dividend income that is automatically reinvested by the broker.
US Taxes on the Sale of NFTs
An NFT is a form of digital asset that can be bought and sold in certain marketplaces. For U.S. taxpayers, the gain or loss on the sale of NFTs may be reportable on their income tax return.
What is a Constructive Sale on Stocks?
U.S. taxpayers need to be mindful of the various tax rules that surround trading financial products. This article discusses the constructive sale tax rules for trading stocks, bonds, derivatives, and other financial instruments.