Forex & TAXES..What to do

[dudebro]

Oldie post, but might get you started looking elsewhere.

How do taxes work for forex trading?

an article from Robert A. Green, from the Futures magazine in April 2004 issue. Currency traders face complexities and nuances come tax time. Currency futures are treated like other types of futures; your accounting is a snap and you enjoy lower 60/40 blended tax rates. However, cash forex can be an accounting nightmare and you face higher ordinary tax rates, unless you �elect out� of IRC 988 for 60/40 treatment. By Robert A. Green, CPA When it comes to trading in currencies, special tax…