I've traded with Oanda and I have some losses. I started to fill out 1256 in TurboTax, in "Section A - Losses From Straddles". I'm having trouble filling out this section:
The Oanda report shows the below
| Instrument | Price | Units | Direction | Spread Cost | Stop Loss | Take Profit | Trailing Stop | Financing | Funding Rate | Commission | Conversion Rate | Conversion Fee | P/L | Amount | Balance |
| USD/NOK | 8.7425 | 4483 | Buy | 0.7642 | 0 | 0 | 0 | 0 | 1000 | ||||||
| USD/NOK | -0.1216 | -0.0099 | |||||||||||||
| USD/NOK | 8.68995 | 4483 | Sell | 1.3022 | 0 | 0 | 0.1156 | -0.12 | -27.2373 | 972.64 |
The leverage on this pair is 14.3:1.
I don't get what values should I report to to get to the $27.2373 loss at the end of the transaction. Can someone clarify this?
Update:
The math should something like this: 8.7425 x 4483 = 39,192.6275 was the total value in NOK of my buy, then I sold it for 8.68995, which had a value of 38,957.04585, so my losses were 235.58165 NOK. Given the 8.68995 rate at the time of sale I'd have 235.58165/8.68995 = [phone number removed]7891 USD loss + 0.12 Conversion Fee, which is ~27.23, however I couldn't get to the exact numbers, I'm sure the Financing and conversion rate comes in somewhere.
Nevertheless, I read a bit more on the tax topic, this article helped a lot: How FOREX Trades Are Taxed (investopedia.com), according to some forum posts and given the above article I should be reporting my losses under Section 988, which is a lot simpler.
