Reporting taxes please help

Discussion in 'Taxes and Accounting' started by Econmajor, Apr 3, 2007.

  1. I did some forex trading this year and suffered a loss. How do I go about reporting that loss? I am using turbotax to file online and I can't seem to find anywhere to report losses. Any help would be greatly appreciated. PM me if'd like.
  2. Form 6781

    If you earned or paid any interest it goes directly to line 21 1040.
  3. TOM134


  4. Forex gains or losses are reported as ordinary gains/losses. ( i believe it's line 14 on 1040 ) .
  5. SarahG


    Pay a CPA 100.00 to do it for you. No headaches. Simple. Make sure you find one that specializes in "securities taxes". And don't go to H&R block or Jackson Hewitt. They are clueless. They do mostly EZ forms.
  6. SarahG


    Line 14 on the 1040 form. (attach form 4797)

    That's all I know. I just read it off the form. Get it in the mail by APril 15th. Or else the IRS will come looking for you and take away your house, car, attach your paychecks, and anything else you have of value. <b>APRIL 15, 2007</b>