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See the following link for a discussion of taxation of forex trading, including for non-US persons: http://www.fxop.com/Forex-Taxation.html

I believe it is to be treated as investment interest expense and separately reported as an itemized deduction on Schedule A (unless you qualify as a trader engaged in a trade or business of trading). Bob

I had not heard that FXCM had walked away from its offer? Where can I find more about that? Thanks in advance. Bob

See: http://www.forex.com/forex_bookstore.html http://www.manchesterfx.com/books.htm

Yes, I have the same situation with my REFCOFX account. You need to report the income and gain for 2005 on your return. If we ultimately do not get our money back, we can claim a capital loss in the year the money is lost.

While the IRS has not clearly stated whether FCMs need to issue IRS Form 1099s to clients in respect to forex trades, if FCMs do report trading information, it would be on Form 1099 (which is generally due by the end of January each year). I think the firms are mixed whether they report or not.

The link in my last message should be www.manchesterfx.com/taxation.htm without the period at the end. Bob

A U.S. citizen is subject to worldwide taxation on all of his or her income regardless of where he or she resides and regardless of the account location. This is unlike other jurisdictions like the U.K. and Canada which only tax their citizens if they reside in the country during the year. For...