Let me clear up some misconceptions as I read these various posts. Section 988 trading gains or losses are ordinary gains and losses and is not treated like investment income thus is not reported on a schedule D. As a result, there are no carryovers to offset future income.
Please read this link posted by Turbo Tax Expert DaveF1006 for details how to report the income. I know it is already listed above but I thought i would post it here also. it is very important to note that this is ordinary and not investment income.
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