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Old 07-08-2009, 10:56 AM
CPA, CEO Green & Company CPAs, LLC
  
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foreign accounts with forex
If it's treated as a foreign account with spot forex, it doesn't change your opt out election (otherwise known as the capital gains election) from Section 988 forex into futures Section 1256g - which is allowed for forex in major currencies for which you don't take or make delivery of the underlying currency.

It's not like foreign futures which only qualify for Section 1256 if the IRS gives specific permission. FOREIGN FUTURES.
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Old 07-08-2009, 11:05 AM
CPA, CEO Green & Company CPAs, LLC
  
Join Date: Mar 2006
Posts: 177
GreenTrader Tax is on a distinguished road
trader tax status
Need to know much more than you provided. Number of contracts is not enough. To qualify, you need one or more trades every day, or atleast 4 of 6 days per week, over 4 or 6 hours per day, holding periods of a day or few days, serious account size (over 20k), intention to run a business to make a living, serious tools, business expenses, home office and duration of this activity.

It's harder for traders with other fulltime jobs to qualify. The IRS is more skeptical. See our golden rules here FOREIGN FUTURES (page 13) or in an FXCM GreenTraderTax Webinar archive. Also read my blog series on trader tax status in late April and early May here Trader tax status review - GreenTrader Weblog

We consult clients on qualification here CONSULTING (summer promotion pricing in effect).

Thanks.
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