Forex and taxes

Discussion in 'Forex' started by nravo, Oct 24, 2007.

  1. nravo


    1. How do I opt out of Sec. 988 to get Sec. 1256 treatment of any Forex gains? Is this done once? Annually? Revocable?

    2. If I have losses and don't opt out of 988, how are they treated? Ordinary loss on a business? Is that really better than a Sec. 1256 loss?

    3. I assume Forex is automatically mark-to-market, right?