US taxation for currency traders

Discussion in 'Taxes and Accounting' started by trader333, Nov 26, 2003.

  1. How the currecy traders taxed on their profits. Do their brokers issue some kind of statement to irs. Help is appreciated.
  2. This is very good and detailed explanation. I appreciate it. In my understanding forex treated like 1256 contracts and should be reported as commidities. I trade commodities and do not claim trader status to take advantage of 60/40 treatment. I guess it would be ok for me to keep things as it is, but how can I keep forex trading records. Will GTT tradelog help? if not any future enhancement?.