Another Tax Question

Hello fellow traders, I have some simple questions about filing for taxes on Forex profits. When do you elect to file with 1256? At tax season or before? How do you request a 1099 from your broker? Thanks again for anyone taking their time to answer.

Not sure if he mentions it in this article, but I read before that he had said you have to make a written statement for record prior to the new year. I just make a simple statement in notepad and then don't modify it. That leaves the date of the data as December. It will only matter really if you can qualify as a trader. If you are not qualified to be a trader, it is just normal income. Also, if you lose, you will probably want the other method. This site has a wealth of knowledge, so recommend reading through it.

https://greentradertax.com/trader-ta...eatment/forex/

If you want professional advice, talk to a professional.
Get a tax accountant!!