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Thread: Green Trader Tax

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#26 (permalink)

03-10-2007, 10:48 AM

GreenTrader Tax GreenTrader Tax is offline

CPA, CEO Green & Company CPAs, LLC

Join Date: Mar 2006

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line 21

Report the net gain or loss on forex trading - not line by line reporting - on line 21 of Form 1040, if you did not elect out of IRC 988.

There is no limited on an ordinary loss on line 21, as there are capital loss limites of $3,000 per year on Schedule D for capital gains and losses.

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