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loss, with any gain added to your ordinary income from other sources. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. #1-I would like to clarify if its proper for me to continue to file these gains/losses under schedule D since I was never sent a 1099-b form, rather a printout from the m website? Photo Credits, jupiterimages/Stockbyte/Getty Images, zacks Investment Research is an A Rated BBB, accredited Business. #2- is trading spot currency through m, or fxcm considered a foreign currency futures "contract"? I printed out my trading transaction history for during 2014, and on the transaction, it reported a loss for the year. . Nasdaq data is at least 15 minutes delayed. Section 988 taxes forex gains and losses like ordinary income, which is at a higher rate than the capital gains tax for most earners.

Importing the Data, if you've elected to report forex trading under Section 988, then you can import the data from your broker directly into TurboTax with a program such as GainsKeeper. Any help is much appreciated. All TurboTax versions are available via the company's website for download; your broker may allow you to import your trade data directly into the program once you have it installed on your computer. Copyright Zacks Investment Research, at the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. Be a good listener. Recommended Answer 67 people found this helpful, spot forex Trade Taxes, by default, retail forex traders fall under Section 988, which covers short-term foreign exchange contracts like spot forex trades.

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