Comments on: How do taxes on Forex work? http://www.myylt.com/2009/04/23/how-do-taxes-on-forex-work/ Discussion of Forex Trading and Currency Trading Wed, 23 May 2012 00:28:52 +0000 http://wordpress.org/?v=2.3.3 By: dnldslk http://www.myylt.com/2009/04/23/how-do-taxes-on-forex-work/#comment-13587 dnldslk Tue, 30 Nov 1999 00:00:00 +0000 http://www.myylt.com/2009/04/23/how-do-taxes-on-forex-work/#comment-13587 Computing taxes on commodities is a breeze. Your broker will send you a statement at the end of the year in which your total profit or loss is reduced to one figure. In other words, you don't have to itemize each trade for the IRS as you do with stocks. Makes no diff if you traded a million trades or only one. You still end up with one simple fig for the IRS. You get one figure, then divide that fig into 60 percent of it and 40 percent of it. One fig goes on your Sched D as long term cap, the other as short term. Your broker may even send you the IRS form you use to do that easy sixty forty calculation before transfering the number to your sched D. Couldn't be easier. Don't need a tax pro to do your taxes. Computing taxes on commodities is a breeze. Your broker will send you a statement at the end of the year in which your total profit or loss is reduced to one figure. In other words, you don't have to itemize each trade for the IRS as you do with stocks.

Makes no diff if you traded a million trades or only one. You still end up with one simple fig for the IRS.

You get one figure, then divide that fig into 60 percent of it and 40 percent of it. One fig goes on your Sched D as long term cap, the other as short term.

Your broker may even send you the IRS form you use to do that easy sixty forty calculation before transfering the number to your sched D.

Couldn't be easier. Don't need a tax pro to do your taxes.

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