DailyFX Forum - View Single Post

		DailyFX Forum
Sidebar Wrapper

1,064 Users Online

Thread: Green Trader Tax

View Single Post

#79 (permalink)

03-12-2009, 05:54 PM

GreenTrader Tax GreenTrader Tax is offline

CPA, CEO Green & Company CPAs, LLC

Join Date: Mar 2006

Posts: 177

GreenTrader Tax is on a distinguished road

amended returns

If you never opted out of Section 988 into Section 1256 in a prior (open) tax year, and if you inadvertently and erroneously reported the forex transactions as capital gain or loss (60/40 or otherwise), then you can amend your tax return to fix this. Explain it in the 1040X.

__________________
FXCM does not endorse and cannot vouch for any of the third-party content on this site

Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.