Reporting forex losses. I did research online and i am not % sure how to list Forex losses on my return. Should I just enter negative number under line 21 (other income).

Reporting forex losses

Forex Tax

Reporting forex losses. Investors can trade on the changes in foreign currency value through a FOREX account. Gains and losses between the currencies are tracked using a special figure called a “pip.” FOREX can be traded through short-term trades or long-term contracts, and the Internal Revenue Service offers two ways to claim FOREX gains.

Reporting forex losses


I trade spot forex through forex. I have some losses and I would like to to know how do I file these losses on turbo tax. I printed out my trading transaction history for during , and on the transaction, it reported a loss for the year. I spoke to a cpa through turbo tax and he said that they wouldn't question if I filed my gains or losses through Box B short term , under Scheduled D.

Am I still entitled to utilize capital loss carry over? Section taxes FOREX gains and losses like ordinary income, which is at a higher rate than the capital gains tax for most earners. Section gains or losses are reported on Form This default treatment of foreign currency gains is to treat it as ordinary income. You don't show where to enter the loss, only that it is a loss.

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Most questions get a response in about a day. Back to search results. Here is my questions. I just like to officially know how to file it properly on turbo tax. Any help is much appreciated. Was this answer helpful? No answers have been posted. This post has been closed and is not open for comments or answers. Here are five guidelines: When answering questions, write like you speak.

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