Are the US brokers required to report your income to IRS, if yes do they send a 1099? I have an account with IBFX and I didn’t get anything from them.
Thank you for your help
They do not report it, if I remember correctly. the best answer would come from your broker though to be sure
Thanks, I know for sure that Ameritrade reports, but does not mail the 1099, you have to download it from their site, however IBFX doesn’t have any tax forms on their site.
Do your research. You can pay capital gains on a large portion of the income and pay personal income at a higher rate on the remainder. Make sure you file the proper election.
Speaking of Trading and Taxes, there is a software program that is specifically designed for traders filing taxes. I’d highly recommend using it, or finding another one to use.
I’m not sure what the direct link is for the program, but I know it’s the special for tradesavin.com right now.