Tuesday, March 8, 2011

Where do I report taxes on 1256-type contracts in my NJ state taxes?

I am a professional trader for federal tax purposes. This is my first time doing taxes with the trader status. I think I have the federal stuff down, but now I'm on to my NJ state taxes. I have gains/losses from 1256 contracts on federal form 6781. Where do I included these on my NJ state taxes? On the NJ Schedule B, I am attaching the same trade list as my federal Schedule D. Do I just lump the 1256 contracts into Schedule B's Line 3 (Other Net Gains)? Is this where I would report forex gains/losses also? Thanks very much

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