Where do I enter forex gain/loss on Turbotax Business?

[MaxA1]

To enter gain/loss on forex transactions, go to:

1. The Federal taxes Tab
2. Wages & Income
3. In the Investment Income Section, click "start" on the Stock, cryptocurrency, Mutual Funds, Bonds, other section.
4. Follow the prompts to enter your forex transactions.

[oboero2]

There is no "Stock, cryptocurrency, Mutual Funds, Bonds, other section." option because this is for a Turbotax Business.

[MaxA1]

I see. Follow these steps:

1. Go to the Federal Taxes Tab
2. Income
3. In the Investment Income section, click "start" on the Capital gains or losses section.
4. Follow the prompts to enter your forex transactions.

[oboero2]

So when I choose Capital gains or losses and follow the prompt, I would be answering "No" to all of their questions and won't be able to enter Forex gain/loss since none of those questions apply.

[MaxA1]

Apologies, we weren't on the same page earlier.  Gain/Loss on FOREIGN EXCHANGE (Forex) rates are entered as an other expense line item (if a loss) or as an other income line item (if a gain).  

[oboero2]

So if it's a gain, then would it be Income > Other income > All Other Income and under Description, write something along the line of "Forex gain"?

[MaxA1]

Correct. Or "Gain on Currency exchange rate."  I would also recommend to use "Foreign Exchange" on the tax return ‌rather than "Forex gain" for more clarity.

[oboero2]

Ok, so any of these would work for the description?

"Gain on foreign currency transactions"

"Gain on Currency exchange rate"

"Gain on Foreign Exchange"

[DaveF1006]

Yes, any of those descriptions is sufficient.