I was wondering if you lose money trading forex (over a few months) and then quit trading, do you still have to report this to the irs?
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DislikedThanks, very helpful
Also, another thing i was wondering is if you are profitable and have to pay taxes is there a difference if u use a firm such as fxcm-uk vs a US broker like Alpari?Ignored
DislikedThe questions was, Do you have to...," not can you. There are good reasons not to report a loss if the $ amt is fairly low.Ignored
DislikedAre you sure of that?? Look at this one:
http://www.nydailynews.com/ny_local/...172m_bill.html
He has to pay 172 million of dollars because he has not reported his losses to the IRS, and with the leverage, IRS believes that he has won 500 million, when he has really lost 10,000 dollars, LOL!Ignored
DislikedThat case wasn't about claiming a loss, it was about not filing income tax return.
"Esparza Bofill didn't file an income tax return for the year he was here swapping stocks - and that's leading to big problems with Uncle Sam."
Lesson, if you are going to trade, you better file and pay your taxes.Ignored
DislikedBut if you lose more than you win, and you end up losing all in your account, do you have to file income taxes or report that to the IRS?Ignored