Turbotax forex

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I received a 1099-B from my broker for about half a dozen trades that I made in 2007, resulting in a minor loss. From what I gather, I want this loss to be reflected on line 21 of my 1040.

Forex gains and losses? - TurboTax Support

Forex differs from trading currency futures on futures exchanges.

<i>Forex</i> gains and losses? - <i>TurboTax</i> Support

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I am reporting my forex profits under section 1256 "Contracts and Straddles" on TT. you don't have to report under 1256 unless you traded contracts ... The thing is, it wants me to report ALL of my forex contracts for the year. I have my transaction history on my computer but don't want to type it all in TT, that would take FOREVER! and by my girlfriend CPA confirmed that was her understanding as well Every search on google's first page about forex taxes talks about sections 1256 and electing out of 988.... Report overall total per account and save your transactions for a year in report to show to IRS if need be. IRS doesn't get any of this info anyway, unlike your stock trading. and by my girlfriend CPA confirmed that was her understanding as well Actually, you can have 1256 Status and trade spot currency too. You can read about this under the tax expert section of this forum.

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