Quoting dcoatsDislikedThese guys have all the answers to traders tax questions:
www.tradersaccounting.comIgnored

- Joined Apr 2006 | Status: Trader Keit | 286 Posts
Trader Keit ... Methods Of A Dirt Road Mad Man....
Canadian Taxes- How do I report my forex income? Please Help 1 reply
Forex Taxes 4 replies
Taxes & Forex 36 replies
UK Taxes and Forex 5 replies
Forex Taxes -- In The USA 3 replies
Quoting dcoatsDislikedThese guys have all the answers to traders tax questions:
www.tradersaccounting.comIgnored
Quoting diggsnoobDislikedgreen company has updated a lot of information on spot forex here:
http://www.greencompany.com/Educatio...Currency.shtmlIgnored
Quoting JohnDimitriDislikedLast year was my first year trading currencies. I took a loss of $2200. Now Im filing my tax return and its asking me 2 questions.
1. Total Sales Price less sales cost
2. Cost Basis
I lost everything, so I deposited 2200 into my currency account, and wiped it out completely. Does anyone know what my total sales price less sales cost is? My guess is zero.
Does anyone know what my cost basis is? MY guess is 2200.
Just want to make sure Im doing this stuff right.
Thank you.Ignored
Quoting kester_alboDislikedDoes anyone know if we can deduct Forex expenses like computer, training, etc.?Ignored
Quoting kester_alboDislikedDoes anyone know if we can deduct Forex expenses like computer, training, etc.?Ignored
Quoting accreteDislikedDon't take this as advice or anything near it!!!....but....From what i understand about the US tax law it will be difficult for any regular joe to deduct the expenses tied to trading without the legal umbrella of trading under an LLC or a C Corporation. Basicaly it is dificult to take any trading-related expenses unless you are trading full time and have no other source of income...and even then the IRS might find a way to disallow them unless you got the legal entity to trade under.
That is why i trade under an LLC. . . i can deduct all my education, technical expenses (net access, computers, PDA/phone for PAP signals...etc), and other stuff that all adds up to a big deduction at the end of the year.Ignored
Quoting accreteDislikedDon't take this as advice or anything near it!!!....but....From what i understand about the US tax law it will be difficult for any regular joe to deduct the expenses tied to trading .Ignored