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  • Re: I have losses in day trade, which I know can be claimed on section 988, but when doing so, my earned income isn’t decreasing.Oppose to when claiming losses for a business
Mike9241
Level 15 Mike9241
Level 15
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Business & farm

988 gains/losses are not earned income.

see these links for more info

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/how-do-i-report-secti... 

 

https://www.taxact.com/support/14244/2020/irc-section-988-cash-forex-foreign-currency-transactions#:... 

 

‎January 16, 2023 5:38 PM
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