Hi. I’m Michael and I’m looking for good options to get some “easy” money. Someone told me that forex is a good option if I’m an intelligent one, and I am! I will appreciate your suggestions for me to do a good job.

I had a bad year,

Gross Loss: (13,960.02)
Rollover: 506.90
Adjustment: 42.00
Net Loss: (13,411.12)

Would it be correct to report on line 21: (13,960.02)
And on schedule D: 548.90 (rollover + adj)

??
TIA

Hi.I'm Turk.Don't know english. ı can fxcm to account.
what is agent turkey?communicated please .alper552@gmail.com

I should add that I'm using Turbo Tax Premier, and can't find how to report the rollover interest as "investment interest" which now appears to require a schedule A rather than D (from reading other posts). If that's the case, any idea where/how to record rollover interest in Turbo Tax?

I found in Turbo Tax, where to record investment interest I paid, by going to "deduction & credits", then "retirement & investments", then "investment interest expense", and consider it "margin interest paid to a broker". The problem is I had net gains in rollover interest not a loss, I gained: $506.90, so I wouldn't want to deduct a gain, which makes me think I need Schedule D, for cap gains?

I think I found in Turbo Tax how to enter the loss portion of rollover in one area, and the gains portion in another. Not sure of the "schedules" unitil I pay for turbo, and print them out. Entering it all in several different ways didn't really chnage to amount of my return

This was asked last years (few posts below), but receive my answer.

I have the same question, and here is example 1.

Assume EUR/USD is 1.0. I bought €$100,000 for $100,000

By the end of the year, my account is €125,000 and exchange rate for EUR/USD is 0.8.

I sold the Euro and bought the $USD, my account is at $100,000.

So, should I report no gain?

Example 2:
Same as example 1, but by the end of the year, the EUR/USD is 1.2 instead of 0.8.

That mean when I sold the Euro and bought back the USD, my account would be $150,000.

Is that mean I report 50k in profit (assume I elected out of IRC 988).

Thanks in advance.

I have a forex trading loss of $3,150 in 2008 and I am trying to report it. However, I am confused on how I should report it. Do I just report the amount on Line 21 as Forex Loss - FXCM for the amount of $3,150 or do I have to fill out a form reporting the loss.

This is confusing. If I have to fill out a form. Which form is that? I just want to report the loss on my tax return.

Hi everyone, I'm a new forex trader, I started trading forex in 2008, so I have a trading loss of about $3050 for 2008, how do I report this loss in turbo tax? Where should I place this loss and how to find it?

Any help in this matter would be much appreciated!

Part time traders can qualify for trader tax status, but the bar is raised.

It's not the number of contracts, but number of trades that is a factor.

See all the factors in our golden rules in our Webinar for FXCM, posted elsewhere on this forum.

Or here http://www.greencompany.com/Educatio...oFeb232009.pdf

Thanks.

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I have a Forex loss of less than $100 for 2008. But, I have hundreds and hundreds of trades. Am I required to report this loss at all on my taxes? If I add it to line 21, then I will have to print out all of my trades and I can't e-file.

Thanks!

Paco

summary reporting on line 21 of Form 1040, not line by line trades as is required for securities.

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Thanks for your quick reply. I thought that if we use summary reporting on Line 21, then we have to provide detail line by line reports of how we came up with that number?

Am I incorrect in my assumption?

An attached report from your forex broker is helpful but not required.

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I currently have an S-corp set for my primary occupation as a consultant. Starting this year I have been actively (exclusively options on ETF/stock/futures) trading the cash in my corp's account (whereas before I just parked it in a savings account). Since the trading is "peripheral" activity and not my "main" business (consulting) and not my main income source, I assumed that I do not need to do anything "special" on my S-corp return. Since it's a pass-thru entity, any gains (if end acct value > beg acct value) will simply be passed thru to me just like any other corp income (except it will show on "Line 4: interest income" instead of "Line 1: Ordinary Income" on my Shdl K). Is this correct? ...or am I way off here and I'm going to need the 1120S Shdl D?

Since short-term capital gains rate is same as ordinary income rate, in my case trading within the corp's account (vs paying it out to me and trading as invidividual) doesn't create any additional tax burden, right?

Now if/when my trading became the primary activity and/or primary source of income (instead of consulting activities), will I need to do something differently then?

ps ~ if this question is answered somewhere already on your firm's site (didn't find it on this forum), please direct me there instead! thx!