Yes you do a log showing that you opted out of each trade. We have a free excell spreadsheet on our website www.tradersaccounting.com. I think it is under products and is called a trade tracker spreadsheet. You need to add another column showing ...

FF Trader Tax Thread

What you have been calling interest, I believe is considered "variations margin" by the IRS. A variations margin is a daily cash flow system under which each owner of a "futures contract" (including a regulated futures contract) declining in value ...

Forex Taxes

Did my own research and that is what you are calling a swap, the interest received or paid will become part of your expense as a trader/investor. as an investor negative interest can only be written of against any positive interest you have. ...

Forex Taxes

Swaps — Please let me know what you mean by swaps, are you refering to the mark to market which causes you to close your positions everynight, and then reopen them at a new basis? I am ignorant on the terms swaps. Traders Accounting 03-13*07 ...

Forex Taxes

If I may weigh in during this long conversation, some of which is accurate, some of which is not. www.tradersaccounting.com has an excelent CD that tells all about the wonderful world of FOREX taxation. You may want to order this so that you have ...

Forex Taxes

Jim, I do not know what your credentials are, nor where you are getting your information, but you must be more careful, as you are misleading people who are trading FOREX. Remember there are both Cash Forex and Futures Forex, each of which are taxed ...

FF Trader Tax Thread

If you are trading Forex Futures, you do not have to list all of your trades, if you are trading 988 trades and opting out,yes you do have to turn in a log showing that you did opt out of each trade converting them to 1256 contracts. Your broker is ...

FF Trader Tax Thread

CRIMMINS: YOU ARE WELCOME. TRADERS ACCOUNTING 02/27/07

FF Trader Tax Thread

Should have read good question, sorry. Crimmins

FF Trader Tax Thread

Goof question. A single member "C" corporation is fine since it is a separate taxpayer in itself, however make sure that it makes sense for you to use a C corporation to trade in, for some traders it does, however for many it does not. Traders ...

FF Trader Tax Thread

Good advice, you always have to ask yourself who and what qualifications does the person you are listening to on a chat room like this have. Generally for a first consultation (to get to know each other, and no real technical advice) a CPA firm will ...

FF Trader Tax Thread

We certainly have that, do not know why it was not sent to you, but if you will email me your email address, I will send it to you at once. [email protected]

FF Trader Tax Thread

Snuffleupagus, I hope you get some feedback, however as President of Traders Accounting, I am wondering what you mean by documentation? Help me out, because nothing we do is secret or in the gray area of the IRS code, everything we recommend is ...

FF Trader Tax Thread

A lot of "stuff" about trading offshore, and taxes. Hope whoever is answering the questions knows what he/she is talking about. Someone states that they hate giving 50% of their gains away in taxes while trading FOREX. This would be hard to do even ...

FF Trader Tax Thread

Good day, and good question: Overseas transactions are always a little muddy, however he is right and wrong. Probably, (and the operative word is maybe) if you open an account with him and trade there, and do not bring the $$ back into the US you ...

FF Trader Tax Thread

Forex Taxation — Remember that there are two different types of FOREX, 1256 (futures) contracts which are taxed at the end of the year as if all positions are closed, and Sec 988 trades which if not oped out of are taxed only when the ...

Is it true that FOREX profits are not taxable until withdrawn from your account?

Whomever answered the original email was talking only about Canadian taxes, (and I do not know if it was correct or not) not US Taxes. We need to be careful as to who we listen too, I have reviewed the past two years of posts, and found a few really ...

FF Trader Tax Thread

Kavs, sorry, know nothing about UK taxes. Jim @ Traders Accounting

FF Trader Tax Thread

Thanks for the email Southermind, yes you are required to pay taxes on any profit you earn, whether or not you take it out of your brokerage account, further to this if you are trading the 1256 contracts, any open position at the end of the year, ...

FF Trader Tax Thread

Catfish. I do not understand what you are asking. You will pay taxes on all of your gains, realized or not, whether or not you take the money out of the brokerage. If that answers it, great, if not, please clarify for me. Thanks. Jim at Traders ...

FF Trader Tax Thread