Doing Taxes...

A

AJFCapital

I currently trade stock with Scottrade and when tax season approaches, I can just download the forms/statements and do my taxes on TurboTax.

Now I’m currently paper trading with FxPro, which is in Cyprus. When I decide to go live, do FX brokers also provide you with the appropriate tax forms? Is it strictly the individuals responsibility to report transactions and income/loss?

Thanks for any helpful replies!
 
Many brokers provide nothing for Fx trades. They don't even report it on a 1099 form. You need to track it yourselves and report on your return. Individual transactions do not need to be reported. Just the totals like futures.
 
I send the IRS a gigantic pile of paper with every transaction on it. I know they probably don't do anything with it, but it warms my heart to think there might be some auditor in a basement going blind reading it.
 
Quote from Hurricane:

Many brokers provide nothing for Fx trades. They don't even report it on a 1099 form. You need to track it yourselves and report on your return. Individual transactions do not need to be reported. Just the totals like futures.
More...
Quote from Ivanovich:

I send the IRS a gigantic pile of paper with every transaction on it. I know they probably don't do anything with it, but it warms my heart to think there might be some auditor in a basement going blind reading it.
More...


Which brokers do you all use, and are they in the U.S.? I was just chatting with GFT, and they provide their clients with all the appropriate tax forms.
 
Quote from Ivanovich:

No, there's nothing wrong with my numbers. They'll find that out after 1000 hours of review.
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How do you file SPOT Fx, Sec.1256 or 988 contracts?
 
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