So I was just doing taxes for this year, and tried to figure out forex gains from IB - what a nightmare. I keep my trades on for more than 2 days, so from what I understand I fall under section 988 because I take actual delivery; I also had a bunch of trades open on 12/31 which only makes things so much harder. After reading account statements and trying to figure out what different lines mean for a few hours, I still don't see anything that would help me not do manual calculations. I finally gave up and just sent my trades to tax firm I use and hope they won't whine too much and will do the calculations. On the plus side, I am much better at reading IB account statements now Anyway, am I just being stupid or is there really no way to easily find forex gains/losses on IB's account statements? Any software that can help here?
I bucket everything into 1256 for the 60/40 treatment regardless of holding period, never had an issue. You're still not taking delivery after 2 days as the spot position is being actively rolled forward.
But account statements indicate that I'm holding actual cash. Could someone from IB jump in - am I taking delivery on forex trades or are they rolled over every day?