Forex trading accounts
Do I have to declare Forex Trading losses on my tax returns?
Hi, I experimented with Forex (Foreign Exchange) trading last year. I started with $200.00 and at the end of the year I had $40.55 in my forex trading account. My $40.55 is still sitting with the broker (FXCM). I am wondering if I have to report this on my taxes? I know that stock brokers send you 1099 but I have not received anything from Forex Broker. Since I did not make any money, do I need to report this? Is this amount significant? Does IRS care about this kind of trading profit/losses?
I usually do my own taxes but I am thinking of going to an accountant just because of forex trading but I am afraid that I will end up paying alot of fee for tax filing when maybe I can just file the taxes myself. Please suggest!
Definitely all the advices we all are giving are just for your information and idea, rest to confirm and know accurately you need to go to your tax consultant for the same.
In my opinion you should show your gains when, you are showing your profit too.
Regards
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