Would I use lines 13 or 14 on 1040 to claim Forex investment losses?
I meant "still claim the standard deduction."
For instance, when I believe when itemizing deductions one can not claim the standard deduction. I'm wondering if I can claim Forex losses without giving up the standard deduction.
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March 3rd, 2009 at 6:46 am
It has nothing to do with your standard deduction. It is not an itemized deduction. You file a schedule D or schedule C depending on if you are a trader or not. If you are a trader then you had to have taken the mark to market election last year and have more than 600 trades. Then you can file schedule C.
March 3rd, 2009 at 6:46 am
Fill out Schedule D and put the result on line 13. You do have buy/sell records for your trades, don't you? You are limited to deducting $3000 in losses per year and anything more carries over to next year.
You can deduct investment interest (margin interest) as a miscellaneous deduction. Is that what you were thinking of as an itemized deduction, or something else?