Forex Taxes

I have checked various threads in the past but I don't know if this particular subject was breached.

When preparing your tax return, it is sometimes necessary to put in your cost basis and sales prices to determine gain or loss. How would you determine your cost basis in a fx transaction? Lots multiplied by currency price? For some reason, that formula doesn't seem to always work. I would appreciate any help. Thanks.

In turbo tax under misc just put $ amt gained/lost

Thanks frankkn. I actually purchased the guides from Green Tax as well as some examples. So if anyone is interested, email me.

New to Trading. Would like to read up more on this. Would love to see what the professional say and do.

Profits from some managed forex accounts companies are tax-free for many countries in the world.