Hi all,
I had such great feed back on my previous IRS thread, I thought I would create another one.
My question is. Has anyone here have/had experience in filing capital gains/losses particularly with Forex?
Hi all,
I had such great feed back on my previous IRS thread, I thought I would create another one.
My question is. Has anyone here have/had experience in filing capital gains/losses particularly with Forex?
No answers (sorry) but am very likely to have losses to report this year and interested in the responses.
I believe you would just file Schedule D (Capital Gains and Losses). That’s what I did (actually what TaxAct did for me) this past year reporting my investment gains, as well as some losses. I’m not an accountant or tax pro, so take my advice for what it’s worth - nothing
Yeah, it’s just a capital gain/loss most of the time.
The hardest part is that (I believe) you have to report every single transaction, basically - so you can’t just roll things up into a single long-term gain/loss and a single short-term gain/loss transaction. Last year when I was doing my taxes for my Lending Club account, I had to massage the report they sent me, to get it into a format that TurboTax could import. It was kind of a pain (for about 30 bucks worth of gains/losses).