Tax reporting for Forex?

I have been doing some research on getting into forex and I am doing demos right now. One thing I really haven’t found a lot of info on is taxes. So my questions are as follows:

Do you have to report profit/losses for the year of forex trading?

If so, do you get a statement from your broker at the beginning of the year stating your profit/losses?

Any info would be much appreciated. US citizen here, so would mainly pertain to US taxes.

Thanks.

If you earn more than the State minimum for tax reporting, then yes. Most states it’s $500. If you lose money, you’re not required to report it, but if it’s more than $400 in most states, you can claim it as a loss and make it tax deductable.

Some brokers send you a report while others provide a access portal through the platform for printing out the statement.

Thanks! Pretty much what I expected but just wanted to get some confirmation.

This will help you out.

Forex Taxes - Do I have to Pay?

Get an accountant.