i am a forex day trader,how would i show losses and winnings on your tax platform

Options

Answers

  • KristineS
    KristineS FreeTaxUSA Agent
    Options

    Hi vs3115,

    Thanks for your question.

    Forex trading (also known as section 988) is reported as ordinary gain or loss.

    In FreeTaxUSA this is reported under INCOME > Other Income > Miscellaneous Income (located at the bottom of the screen). You will report the aggregate gain or loss for the year on the 'Your Income Description 1' line. An example of what you could write might be 'Net Section 988 Gain' or similar wording.