Forex Trading
Most spot traders are taxed according to IRC 988 contracts. These contracts are for foreign exchange transactions settled within two days, making them open to ordinary gains and losses as reported to the IRS. If you trade spot forex you will likely automatically be grouped in this category..By default, retail FOREX traders fall under Section 988, which covers short-term foreign exchange contracts like spot FOREX trades. Section 988 taxes FOREX gains and losses like ordinary income, which is at a higher rate than the capital gains tax for most earners..
Trading forex can make for a confusing time organizing your taxes. These simple steps will keep everything straight..Reporting FOREX profits and losses depends on if it is an over-the-counter Section 988 taxes FOREX gains and losses like ordinary income, which is at a .Many taxpayers, preparers and IRS agents mishandle forex tax treatment.. People say only two things in the world are constant: and taxes. In the Forex market, I guess you could say the same thing, except that .
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