@Mike9241 Hoping for a little help here.
I elected 475(f) in prior return. My question is how to enter Section 1256 contract losses?
I've read I should put all my trading activity in Form 4797, but for 1256 contracts there is no Proceeds or Cost Basis, just the loss amount.
I've also read that these should be entered on Form 6781 (and then on Form 4797), but still how?
I originally though just use Proceeds $0 and then enter the loss amount as Cost Basis, but that seems sketchy to me. Any help would be greatly appreciated!
