Taxation of foreign stocks trading from within US

Discussion in 'Taxes and Accounting' started by StocksSniper, May 12, 2006.

  1. If I am in the US and trade Canadian or Japanese stocks. How are the profit/losses reported for taxe purposes? Schedule D (do I enter the CND amount or the equivalent USD amount? Do I have to convert the but/sell price in USD for each stock or just the total? Which exchange rate do I use?

    If I buy $CND first, then use this currency to trade canadian stocks do I have to report income right after I sell the stock or when I convert the $CND back to USD?

    Thanks for the input,