Comments on: How Do You Declare Your Forex Profits/losses On Your Tax Returns?

By: xtraheav

xtraheav — Thu, 04 Jun 2009 00:48:50 +0000

Jason B
You report your profits/losses on IRS form 6781 and transferred to Schedule D
60% are considered long term
40% are considered short term

By: Anil Kumar Raju

Anil Kumar Raju — Thu, 04 Jun 2009 00:48:50 +0000

Foreign exchange (forex) measures bring to account foreign currency gains and losses as assessable income or allowable deductions, on a realisation basis, to the extent such gains or losses are attributable to a fluctuation in a currency exchange rate, or to an agreed exchange rate differing from an actual exchange rate. The measures apply to all taxpayers, except for, broadly, banks and similar financial institutions.

By: Death Metal Music Videos

Death Metal Music Videos — Thu, 04 Jun 2009 00:48:50 +0000

What forms are they sending you?
1256 contracts go first to form 6781, then schedule D.
Other contracts go to line 21 with an attached explanation.