Do I pay taxes on earnings for the year even if total account is a loss?

Discussion in 'Taxes and Accounting' started by tupchurch, Feb 1, 2018.

  1. speedo


    Yes but you can't retroactively select 475.
    #41     Feb 1, 2018
  2. zdreg


    "Sounds like I don't need to worry about taxes."
    you got it right: sounds like. that doesn't make it a slam dunk.

    "so you must be trolling."
    I made a mild reply and you snapped back.
    that kind of behavior doesn't forebode a successful trading future

    lots of luck.
    #42     Feb 1, 2018
  3. tupchurch


    Yes, thanks for the information, it was definitely helpful.
    #43     Feb 1, 2018
  4. sprstpd


    My brain is telling me that if this is just FX trading, these could possibly be classified as ordinary income and can be reported on Form A, Line 21. In that case (and assuming these were closed out currency trades), you needed to report your loss in the year you had it. You might need to amend your returns from previous years. And there is a deadline to do this.
    #44     Feb 2, 2018