Comments on: Tax Software for FOREX Traders?

By: wipe2001be

wipe2001be — Thu, 15 Oct 2009 21:14:14 +0000

Hi,

Here’s a good article about taxes with some valuable links in it.

“Currency trading is a hot commodity in the market place, but not all currency contracts are taxed like commodities. Cash forex is subject to IRC section 988 rules and if you’re a trader, you can elect out of IRC 988, to be taxed like commodities – with beneficial 60/40 treatment. Before you start trading cash forex, find out if you brokerage firm will help you with trade accounting. ”

Read the whole text:

Hope this helps.

By: Paul U

Paul U — Thu, 15 Oct 2009 07:09:45 +0000

Good question and it ’tis the season to start planning for taxes.

Do yourself a huge favor and check out
for alot of free info on taxes for traders.

They also have a tool that I have used the allows you to download reports from the major brokers and attach them to your tax filings.

Good luck.

Paul Upp

By: khuram678

khuram678 — Tue, 13 Oct 2009 09:42:18 +0000

I think the 12MinuteFX system recommends a site (link below)

By: wartz

wartz — Mon, 12 Oct 2009 17:52:04 +0000

You could leave forex to the pros and would probably be happier in the long run.