taxes on interest

Discussion in 'Forex' started by hoezx6r, Apr 4, 2006.

  1. hoezx6r


    This year I need to report accounts with RefcoFX and OANDA on my taxes. The OANDA is easy, since they send a 1099 for the interest, which I put on 8a of my 1040, and I calculate the gains and put them on my 6781.

    For RefcoFX, however, there is no 1099, and I paid some interest. Should I just include this w/ the net loss I have for the account on 6781??? Or should this be handled separately as interest paid, maybe on a Schedule B? I don't really care about deducting the 10 bucks in interest, just curious how people handle this.

    Appreciate any help!
  2. rsbe


    I believe it is to be treated as investment interest expense and separately reported as an itemized deduction on Schedule A (unless you qualify as a trader engaged in a trade or business of trading).