But then, it hits you. What about taxes. The forex tax code can be confusing at first. By default, all forex contracts are subject to the ordinary gain or loss treatment. To put that into perspective, it is 12 times greater than the average daily turnover on the global equity markets and more than 50 times greater than the average daily turnover on the NYSE.Trading in foreign currencies has been around for thousands of years. In fact, some of the first known currency traders were the Middle Eastern moneychangers who exchanged coins to facilitate trade.
Cookies cannot be used to identify you personally. To block, delete or manage cookies, please visit aboutcookies.org. Restricting cookies will prevent you benefiting from some of the functionality of our website. I printed out my trading transaction history for during 2014, and on the transaction, it reported a loss for the year.
Forex Many preparers mess up forex tax treatment, and IRS and state agents are confused over the reporting, tWhat sections of the ATO tax acts is foreign currency trading. It may be best to consult with your tax accountant or attorney.Forex Taxes IntroWhen I switched to currency day trading, I was challenged by the lack of info on forex taxes. The web provided very little for spot Forex Day Traders looking to file their taxes.
Filing day trading taxes can be a chore in itself, let alone not having the info available for due diligence. I was a bit perplexed by the lack of knowledge available even from many Forex brokers on this topic.