If you are with Schwab and trade Section 1256, check your gains/losses!

Guys.

I never imagined a major broker could be this bad. I was looking at the gains from my section 1256 contracts this morning and realized that Schwab recorded all gains as short-term gains.

I contacted customer support and the representative told me that “when you short a position, it's always short-term gain”. Which is not true for section 1256. I corrected him and he looked at the gains recorded in the TDA's gainkeeper to see how it was supposed to be recorded. He told me to contact their tax department M-F.

here's an example screenshot

https://imgur.com/qjwMTDs

Take a look at your account. It would be a disaster when tax time comes if this issue is not fixed.