Forex turbotax. You need to use the "Contracts and Straddles" interview further down in the Investment Income section. Tom Young.

Forex turbotax

Do You Qualify as a Day Trader?

Forex turbotax. I trade spot forex through 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.

Forex turbotax

Retail Forex traders fall under Section , which covers short-term foreign exchange contracts like spot Forex trades. Section taxes Forex gains and losses like ordinary income. You do not report your Forex loss on form which is for Capital gains and losses. Forex gains and losses are reported on your tax return as Other Income.

A loss is reported as a negative number. People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge.

We do that with the style and format of our responses. Here are five guidelines:. Saved to your computer. Select a file to attach: Ask your question to the community. Most questions get a response in about a day. Back to search results. I am currently unemployed, I lost around 10, in forex trading last year. How do I properly fill out form ? Recommended Answer 3 people found this helpful Retail Forex traders fall under Section , which covers short-term foreign exchange contracts like spot Forex trades.

To report your Forex loss, please follow these steps: Describe your loss as Section Forex loss and enter a negative number for your loss. 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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Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines.

A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for.

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