Once you begin trading you cannot switch from to or vice versa. Which Contract to Choose Now comes the tricky part: Reporting FOREX profits and losses depends on if it is an over-the-counter trade or a currency future contract. As I fired up TurboTax and prepared to do my taxes this year, I found myself mystified about how to report forex gains and losses from the spot currency markets where I do my trading. This post is simply an informational article intended for educational purposes and does not constitute tax advice from a licensed tax preparer. Which form is best for securities traders using the Section MTM method? The election can be made and withdrawn throughout the year.
The two main benefits of this tax treatment are: Time Many forex futures/options traders make several transactions per day. Of these trades, up to 60% can be counted as long-term capital gains/losses. Tax Rate When trading stocks held less than one year, investors are taxed at .
MT4 Account Applications
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Depending upon the specific types of contract you are trading within the FOREX marketplace, be it an options contract or an Over-The-Counter (OTC) contract, you will be required to use different methods of financial accounting when it comes time to report your annual investment gains. TurboTax and other tax-preparation software make it fairly easy to track and report your gains, and your trading platform should provide the backup documentation, if needed. Keep in mind the important choice you have to make, as a forex trader, to treat forex gains as miscellaneous or investment income. Profitable traders prefer to report forex trading profits under section because it offers a greater tax break than section Losing trader tend to prefer section because there is no capital-loss limitation, which allows for full standard loss treatment against any income.