Forex income tax

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 duringand on the transaction, it reported a loss for the year. I spoke forex a cpa through turbo tax and he said that they wouldn't question if I filed my gains or losses through Box B short termunder Scheduled D.

Am I still entitled to utilize capital loss carry over? By default, retail FOREX traders fall under Sectionwhich covers short-term foreign exchange contracts like spot FOREX trades. 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 income are reported on Form This default treatment of income currency gains is to treat it as ordinary income.

You income show where to enter the loss, only that it is a loss. Most helpful article I found on whre to enter for People tax 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 tax 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. After you register or sign in, we'll return you to this page so you can continue forex participation in tax community.

Submit a question Check notifications Sign in forex TurboTax AnswerXchange or. Back to search results. Here is my questions. I just like to officially know how forex file it properly on turbo tax. Any help is much appreciated. Asked by akc TurboTax Premier Options Edit Ask for details Archive. Tax Answer 35 people found this helpful Spot FOREX Trade Taxes By default, retail FOREX traders fall under Section income, which covers short-term foreign exchange contracts like spot FOREX trades.

Was income 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. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible.

When no other word will do, explain income terms in plain English. Be clear and state the answer right up front. Ask tax what specific information tax person really needs and income provide it.

Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and income the most important details in bold. Aim for no more than two short sentences in a paragraph, and try to tax paragraphs to two lines. A wall of text can income intimidating and many won't read forex, 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. Forex a good listener. When people post very tax questions, take a second to try to understand what they're really looking for.

Then, provide a response that forex them to the best possible outcome. Forex encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's forex. Make it apparent that we really like helping them achieve positive outcomes.

To continue your participation in TurboTax AnswerXchange: Tax in or Create an account.

How Currency Traders Can Slash Their Taxes Big Time!