When you fill out 1256 Contracts in TT there is only total (either profit or loss) then TT does calculations and send 60/40 to Sch Ds.
1256 are NOT reported to IRS by brokerages.
Q. Do we have to send detail of 1256 in mail? If yes which address and is there particular form to use?
For Example: One can fill out Sch D manually in T.T. and only enter totals both for short term and long term trades but then TT give you a form which you print out and mail details of long and short term trade to IRS. I forgot name and number of that Form . Is there such form for 1256 Contracts? or only send if asked by IRS?
My question was if I have to send 1256 details in mail or just total is fine for time being?
no details need be sent - the opposite of selling most other capital assets,
Brokers typically send a summary so that would be all that is needed.