Solved: Forex gains and losses? - TurboTax

Reporting Forex Gains/Losses In Turbotax?

I've read that I go to Federal taxes - Wages & income - I'll choose what I work on - Less common income - Misc income 1099-A 1099-C - Other reportable income. But what about entering the gains/losses on every trade? Is it simple to manually enter the information into whatever form it gives me, or is it practically necessary to use some type of accounting software to help me do that? My broker, Forex . com has records of trades, but I'm not sure how to enter them. Will I need to do any calculations or just copy the info over into Turbotax? Note, I haven't gotten this year's version of Turbotax yet, just trying to understand this. I've reported cryptocurrency gains and losses before, but not Forex, and with that, I could import the data.
submitted by iguesimhere2468 to tax [link] [comments]

Need advice on which online broker to use. Please advise!

I want low cost trades, currently use Edward Jones and get raped. I started with EJ because I started a Roth there, and will keep it there. It just is not good for short term trading.
I want my money to be quickly accessible so I can disengage it / Reengage it to capture gains/avoid losses. I would want lowest fees. I don't mind commission per trade being around 10 bucks, so the 5-12usd range is fine. I ONLY do straight stock trades. No options/mutual funds/forex I think... as I am a newbie.... I would also need easy documentation for tax purposes. This will be my first year paying capital gains/loss on my trading activity. I want that to be as smooth as possible. I will be getting a CPA for taxes this year, previously used TurboTax and did it myself.
I will have between 2500-10000usd in the account. I do some light day trading. (1-2 trades max a day, usually 1-2 trades every 1-2 weeks, AKA not a lot but still in short term range.)
I started because of the following reasons. I have a B.S. in International Economics from Texas Tech. I invest in E&P companies. I have four years experience working completions[frac jobs] in the oil industry, primarily the Permian Basin/Midland-Odessa of Texas. I have a lot of time on my hands while at work that doesn't interfere with my work quality and I can still watch/act on the market movements.
So far I think TradeKing is my best bet but not sure. Maybe Cobra Trading
Any advice is welcome!! Please help!
Hoping this was the right subforum, also posting in Investment
e: I have robinhood but was told it took 2-3 days for funds to clear trades. This doesn't work for me as sometimes I enteexit on the same day.
e2: I am going to be calling a good friend with 4 years experienced for JP Morgan today to clear up some confusion I believe is here due to terminology. Will update thread when I can more clearly explain myself.
I looked up margin accounts, PDT, and margin trading. As far as I know, I am not a margin trader, I do not trade on margin, nor have I done so. I have the cash backing up all trades I made. All trades I made/make have the equity/cash inside my brokerage account to back them up.
e3: I have a cash account, I want to stay cash account. PDT will apply to me. I do not have the funds to enter into margin trading nor the desire.
I am probably just needing to decide between tradekings and tradestation. They all seem the same cost wise just need to look into their tools and layouts and which one I enjoy.
Thanks for the help everyone.
submitted by Snapta to stocks [link] [comments]

I need advice on which brokerage is best for me, PLEASE HELP

I want low cost trades, currently use Edward Jones and get raped. I started with EJ because I started a Roth there, and will keep it there. It just is not good for short term trading. I want my money to be quickly accessible so I can disengage it / Reengage it to capture gains/avoid losses. I would want lowest fees. I don't mind commission per trade being around 10 bucks, so the 5-12usd range is fine. I ONLY do straight stock trades. No options/mutual funds/forex I think, as I am a newbie, that I would also need easy documentation for tax purposes. This will be my first year paying capital gains/loss on my trading activity. I want that to be as smooth as possible. I will be getting a CPA for taxes this year, previously used TurboTax and did it myself.
I do some light day trading. (1-2 max a day, usually 1-2 every 1-2 weeks, AKA not a lot but still in short term range.)
I started because of the following reasons.
  1. I have a B.S. in International Economics from Texas Tech
  2. I invest in E&P companies
  3. I have four years experience working completions[frac jobs] in the oil industry, primarily the Permian Basin/Midland-Odessa of Texas
  4. I have a lot of time on my hands while at work that doesn't interfere with my work quality and I can still watch/act on the market movements.
So far I think TradeKing is my best bet but not sure. Maybe Cobra Trading
Any advice is welcome!! Please help!
Hoping this was the right subforum, also posting in Stocks
e: I have robinhood but was told it took 2-3 days for funds to clear trades. This doesn't work for me as sometimes I enteexit on the same day.
submitted by Snapta to investing [link] [comments]

How Gains & Losses Are Taxed: Ordinary & Capital - YouTube How to write off a large investment loss Tax Treatment of Forex Income - YouTube FOREX  WHEN TO ENTER AND EXIT A TRADE  90% ACCURATE ... How to fill IRS 6781 Form - YouTube

Forex Trading Losses Turbotax And Forex Trading Strategie Making 400 Day Best Prices 2018 Ads, Deals and Sales. If this is a Turbotax Question, you want to select "Less Common Income" then "Miscellaneous Income". It will then give you a list of Misc Income sources to choose from. Select "Other Reportable Income." In the description type in IRC 988 (IRC 988 is the IRS code dealing with currency transactions - including spot forex). With the free online version, you can only file a basic 1040EZ return; the Deluxe version does not handle gains and losses from investments or forex trading. All TurboTax versions are available ... Forex Trading Losses Turbotax And Forex Trading The Weekend is best in online store. My broker, Forex . com has records of trades, but I'm not sure how to enter them. Will I need to do any calculations or just copy the info over into Turbotax? Note, I haven't gotten this year's version of Turbotax yet, just trying to understand this. I've reported cryptocurrency gains and losses before, but not Forex, and with that, I could import the data. This is my first year trading in the forex market and I invested a total amount of $5000 and I never withdrew any capital and lost ALL my money in the forex market ( I have documentation of my trades). My question is can I claim all that under investment losses and get that money back on my tax retu... A quick question. I trade spot forex through forex.com. I have some losses and I would like to to know how do I file these losses on turbo tax. I printed out my trading transaction history for during 2014, and on the transaction, it reported a loss for the year. I spoke to a cpa through turbo tax and he said that they wouldn't question if I filed my gains or losses through Box B(short term ...

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How Gains & Losses Are Taxed: Ordinary & Capital - YouTube

This is how to fill the 6781 section 1256 form for gains or losses. This is very basic tutorial. You can you use turbotax or taxact and follow the prompts to... Struggling for clarity on your business tax requirements? Get access to my new mini e-course, "4 STEPS TO FOLLOW ALL OF YOUR BUSINESS TAX REQUIREMENTS" By cl... Forex Trade With Us http://bit.ly/2EYIbgIEmail: [email protected] I use https://bit.ly/35kgYkcP.S MY INSTAGRAM IS GONE NOW SO IF SOMEBODY WRITES ... A caller who lost $20,000 in a bad investment asked Dan if there is any tax relief for them as a result of this financial loss. Dan explains that while you c... **This video is not intended to be tax advice. Seek your own tax professional about your personal tax situation. ** Grab a copy of the Home Business Success ...

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