I am a client of Interactive Brokers and have been looking at trading equity index futures that trade in countries outside of the United States and are denominated in foreign currencies such as Euro. However, I cannot find any information on how much of a headache such trades will become at tax time. For my futures contracts that are traded in USD, tax time is very simple. IB provides me with my mark-to-market gain/loss for the year and I enter that one number in Turbotax. However, with foreign currency denominated contracts, I will be accruing profit/loss in multiple currencies.... Euro, Yen, etc. Can anyone tell me how tax time works when one has accrued profits or losses in multiple currencies? Also, and very important, is a taxable transaction created when I convert my Euro / Yen profits back to dollars? If so, how can I possibly compute it, as a little profit or loss is coming in in the foreign currency every day and exchange rates change daily. Hopefully, there is an article or site somewhere that explains all of this!