Currency Trading – How to make a consistent profit|Winners limit their losses
Sep
09
I want to start trading currency on the foreign exchange but am not sure if I would need to report my returns as income on my federal income tax return. If I do need to report it, how so?
Comments
hrblockchristinew on 10 September, 2009 at 2:04 am #
Yes you are supoposed to claim any income tha tyou receive on your taxes.
This advice was prepared based on our understanding of the tax law in effect at the time it was written as sit applies to the facts that you have provided.
Christine
DEBORAH F on 12 September, 2009 at 2:44 am #
Unless you live outside the country, you must report your world-wide income on your federal tax return.
If you’re an investor–and not a professional trader–foreign currency is a capital asset. Gains and losses from trading capital assets go on Schedule D.
travelguruette on 12 September, 2009 at 7:24 pm #
You must report the information.
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