[osc]

I am gambling in the stock futures market and I don't know if I should add capital gains/losses when I sell the contracts when they expire and immediately buy the same number of identical contracts but with the next expiration date.
Example: I hold 10 ES Dec2009 future contracts. I sell them in Dec and immediately buy 10 ES Mar2010 future contracts. The question is if I should add to my taxes the capital gain/loss for the 10 ES Dec2009 contracts when I sell in Dec. Thanks.

 

[leslie]

Different contracts are different securities, so you cannot roll forward gains/losses.
You did not say whether these are FX contracts or not.

http://www.cra-arc.gc.ca/E/pub/tp/it95r/it95r-e.html
http://www.cra-arc.gc.ca/E/pub/tp/it346r/it346r-e.html

The question of whether the income/loss recognized for tax should accrue up to the market values at year end or only when the contract is sold, I don't know. I have looked for the answer but not found it. The argument for accruing to year-end values comes from the fact that futures contracts are settled every day. Personally, that is what I do.

 

[osc]

Different contracts are different securities, so you cannot roll forward gains/losses.
You did not say whether these are FX contracts or not.

Thanks. ES is the e-mini future for S&P 500.