Asking how to report forex income & expense on form 1065(basic LLC multi member in USA)
In past years I reported forex income using Section 1256 on form 6781 with my 1040.
This year my forex income will be thru an LLC with no 1099 available(brokerage is in Canada).
I will have an annual statement showing forex gains, and will have one operating expense item. There will be no other income or expenses or deductions.
With Turbo Tax Business I can see where to enter 1256 income (Sched K line 11, type C)
Is the amount on line 11 the net income (ie annual report income minus ordinary operating expense) or gross amount and if gross where do I enter operating expenses?
