DailyFX Forum - Forex Tax

DailyFX Forum - Forex Tax http://forexforums.dailyfx.com en Sat, 21 Nov 2009 13:03:21 GMT vBulletin 60 http://forexforums.dailyfx.com/images/dfx2009/misc/rss.jpg DailyFX Forum - Forex Tax http://forexforums.dailyfx.com <![CDATA[2009 Tax Webinar & PDF]]> http://forexforums.dailyfx.com/forex-tax/66275-2009-tax-webinar-pdf.html Tue, 10 Mar 2009 16:23:08 GMT *Taxes for Forex Traders: 2009* A special... Taxes for Forex Traders: 2009

A special webinar hosted by:

Robert A. Green,
CPA, CEO Green & Company CPAs, LLC

Topics:

Basic Tax Information for Forex Traders
How to Report Forex on your Tax Returns
Live Question and Answer Session

CLICK HERE for a recording of the 3/24 webinar presentation.

CLICK HERE for a recording of the 3/10 webinar presentation.

A PDF copy of the presentation is ATTACHED.

Attached Files

GreenTraderTaxWebinar.pdf (184.2 KB)

]]> Forex Tax DailyFX Forum Administrator http://forexforums.dailyfx.com/forex-tax/66275-2009-tax-webinar-pdf.html 2008 Tax Webinar http://forexforums.dailyfx.com/forex-tax/14025-2008-tax-webinar.html Wed, 20 Feb 2008 22:14:10 GMT Robert A. Green, CPA and CEO of Green Trader Tax... Robert A. Green, CPA and CEO of Green Trader Tax held a live Webinar with FXCM about 2008 Forex taxation on March 12.

CLICK HERE to watch a recording of this session.

Topics:

Basic Tax Information for Forex Traders
Live Question and Answer Session
Where Forex Traders can Find Good Tax Resources

Running time: 1 hour ]]> Forex Tax Tim Shea http://forexforums.dailyfx.com/forex-tax/14025-2008-tax-webinar.html new forex tax content from GreenTraderTax http://forexforums.dailyfx.com/forex-tax/14020-new-forex-tax-content-greentradertax.html Wed, 13 Feb 2008 23:41:34 GMT Hi all: VERY IMPORTANT. I am the... Hi all:

VERY IMPORTANT.

I am the moderator/author for this Forex Tax forum.

I just wrote a significant new article on Forex Fax for our firm GreenTraderTax. It's published on our site here.

Or just access our Forex Tax page from our home page at www.greentradertax.com (see Spotlight section).

I strongly suggest that all forex traders filing US tax returns read this new content.

It materially modifies some of our prior Forex Tax content, advice and suggestions on forex tax treatment and tax reporting strategies.

Thank you,
Robert A. Green, CPA
CEO of GreenTraderTax.com ]]> Forex Tax GreenTrader Tax http://forexforums.dailyfx.com/forex-tax/14020-new-forex-tax-content-greentradertax.html Refco Bankruptsy - Tax implications http://forexforums.dailyfx.com/forex-tax/13804-refco-bankruptsy-tax-implications.html Mon, 09 Apr 2007 19:17:17 GMT I had some money with RefcoFX which went... I had some money with RefcoFX which went bankrupt. Can i file that as a forex loss in line 21? ]]> Forex Tax austintrader http://forexforums.dailyfx.com/forex-tax/13804-refco-bankruptsy-tax-implications.html Forex Loss on line 21 of 1040 http://forexforums.dailyfx.com/forex-tax/13694-forex-loss-line-21-1040-a.html Sat, 31 Mar 2007 02:06:36 GMT I have a forex loss of around 20K and I have been... I have a forex loss of around 20K and I have been reading up in this forum and else where that I can report this on line 21 of 1040, however my CPA who is doing my taxes (he has no idea of forex) insists line 21 can only take loss of 3000 and have to forward the remaining losses to next year. He has completed a schedule D and on line 16 of schedule D he has put a total of 20000 in losses and then in line 21 of schedule D he put -3000. Is this correct? I checked the Schedule D and it seems he is right, the line clearly states it should be the lesser of line 16 or $3000 (treat both numbers as positive even if loss), so in my case he put $3000 in line 21. But should he be filling Schedule D for forex trades? And if so is the correct way to do it? He has left form 1040 line 21 empty.

If I can report the entire amount as a loss for year 2006 then I can get some money back from my taxes to offset my huge loss.

Please help me, any assitance is appreciated.

Thanks,

- Philips. ]]> Forex Tax philipsb http://forexforums.dailyfx.com/forex-tax/13694-forex-loss-line-21-1040-a.html trouble with elect out of 988 http://forexforums.dailyfx.com/forex-tax/13615-trouble-elect-out-988-a.html Tue, 27 Mar 2007 00:02:06 GMT Is it true if I elect out of 988, I have to... Is it true if I elect out of 988, I have to attach a list of contracts to my return and it also means that I can not e-file? Does someone know exactly what need to be on the list, detailed transaction list or can it be just aggregated profit and loss by brokers? ]]> Forex Tax edw_c http://forexforums.dailyfx.com/forex-tax/13615-trouble-elect-out-988-a.html taxes for foreigners http://forexforums.dailyfx.com/forex-tax/13374-taxes-foreigners.html Sat, 03 Mar 2007 04:11:33 GMT I'm new on this, if I'm a foreigner do I have to file taxes (in this case a loss) in the United States or in my country of origin? ]]> Forex Tax smonsalve http://forexforums.dailyfx.com/forex-tax/13374-taxes-foreigners.html <![CDATA[Payer's Federal ID #]]> http://forexforums.dailyfx.com/forex-tax/13331-payers-federal-id.html Fri, 23 Feb 2007 03:54:05 GMT I went to a certified tax preparer to do my taxes... I went to a certified tax preparer to do my taxes and when I was going to declare my loss, the preparer was looking for the Payer's Federal Identification Number. I've been reading all the posts here but didn't see anything similar to my situation. What can I do in this situation? Can they fill out the 1040 for me? ]]> Forex Tax smonsalve http://forexforums.dailyfx.com/forex-tax/13331-payers-federal-id.html forex summary reporting? http://forexforums.dailyfx.com/forex-tax/13328-forex-summary-reporting.html Thu, 22 Feb 2007 20:57:01 GMT Summary reporting depends on whether there are... Summary reporting depends on whether there are 1256 contracts or straddles.

Forex is marked to market if it is a Section 1256 contract. These can be 60/40 or ordinary, depending on various elections. Our article on spot forex indicates that there is a reasonable position to treating spot forex in a major currency (one for which there is a Section 1256 contract) as a type of forward (a 2 day forward is the way one client put it) and therefore eligible for a Section 988(a)(1)(B) election. Note that Section 475 provides that security includes a currency notional principal contract (forex swap) and any derivative contract in a forex swap or any currency, including option, forward, short and any similar financial instrument in a currency. This is confusing, because these are really commodities contract, but Section 475 is drafted very broadly to define as securities what we would consider to be commodities contracts. ]]> Forex Tax GreenTrader Tax http://forexforums.dailyfx.com/forex-tax/13328-forex-summary-reporting.html forex mark-to-market or not? http://forexforums.dailyfx.com/forex-tax/13327-forex-mark-market-not.html Thu, 22 Feb 2007 20:56:15 GMT Forex is marked to market if it is a Section 1256... Forex is marked to market if it is a Section 1256 contract. These can be 60/40 or ordinary, depending on various elections. Our article on spot forex indicates that there is a reasonable position to treating spot forex in a major currency (one for which there is a Section 1256 contract) as a type of forward (a 2 day forward is the way one client put it) and therefore eligible for a Section 988(a)(1)(B) election.

Note that IRC ection 475 (MTM for securities traders) provides that security includes a currency notional principal contract (forex swap) and any derivative contract in a forex swap or any currency, including option, forward, short and any similar financial instrument in a currency. This is confusing, because these are really commodities contract, but Section 475 is drafted very broadly to define as securities what we would consider to be commodities contracts. ]]> Forex Tax GreenTrader Tax http://forexforums.dailyfx.com/forex-tax/13327-forex-mark-market-not.html Maximum loss we can offset http://forexforums.dailyfx.com/forex-tax/13307-maximum-loss-we-can-offset.html Thu, 22 Feb 2007 00:00:42 GMT Hi, I get a W2 from my job and i also trade forex... Hi, I get a W2 from my job and i also trade forex spot. I wanted to know what is the maximum loss you can offset against your W2 earnings

Thanks in advance for the help
regards
Vgpal ]]> Forex Tax tradias http://forexforums.dailyfx.com/forex-tax/13307-maximum-loss-we-can-offset.html Wash sale rule http://forexforums.dailyfx.com/forex-tax/13287-wash-sale-rule.html Mon, 19 Feb 2007 05:34:08 GMT Does the IRS wash sale rule apply to spot forex... Does the IRS wash sale rule apply to spot forex transactions? ]]> Forex Tax bbl29 http://forexforums.dailyfx.com/forex-tax/13287-wash-sale-rule.html New Kid on the Block http://forexforums.dailyfx.com/forex-tax/13264-new-kid-block.html Thu, 15 Feb 2007 20:59:27 GMT Hi All

I've just got my 1099 from my forex broker. There is only one item--the total loss. Where do I put this on my tax form? I read in here that trader can elect between the IRC 1256 or IRC 988. I'm using Turbo Tax and HR Block. How can I do that with either one of these softwares?

Thanks ]]> Forex Tax Currency101 http://forexforums.dailyfx.com/forex-tax/13264-new-kid-block.html Taxable Interest Question http://forexforums.dailyfx.com/forex-tax/13225-taxable-interest-question.html Fri, 09 Feb 2007 17:46:31 GMT From what I've seen in this forum, I know that I should report my loss for the year on form 1040, Line 21. I take it that I should NOT include the interest that I've paid with this number, but that it should be claimed somewhere else, specifically, Schedule A, Itemized Deductions. However, I don't plan to itemize, instead taking the standard $5,150 deduction. This being the case, where do I claim the interest I've paid? It looks like form 1040 only gives me a choice of Standard or Itemized deductions. Thanks for the help. ]]> Forex Tax davidf515 http://forexforums.dailyfx.com/forex-tax/13225-taxable-interest-question.html P/L from 2 different platforms http://forexforums.dailyfx.com/forex-tax/13197-p-l-2-different-platforms.html Wed, 07 Feb 2007 22:50:20 GMT Hello, I have used 2 different trading platforms... Hello,
I have used 2 different trading platforms in 2006. I have profit from FXCM and loss from the other platform. I have lost more money than I made. Should I report anything at all?
Thank You! ]]> Forex Tax azual http://forexforums.dailyfx.com/forex-tax/13197-p-l-2-different-platforms.html