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Level 1
posted Jun 4, 2019 12:17:38 PM

Can the cost of auto trading software for FOREX trading be subtracted from resulting gains and losses when reporting?

I purchased Copy Trade software and it automatically enters and closes trades. Can the cost of this be subtracted from Gains or Losses? How to report this?

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1 Best answer
Level 1
Jun 4, 2019 12:17:40 PM

No, but it is an Investment Expense to be included as a itemized deduction. 

To enter in TurboTax: 

Go to Deductions & Credits

Scroll to Retirement and Investments

Click Other Investment Expenses

These expenses must be more than 2% of your AGI to be deductible, so you may not see a difference in your calculations. 

For more information, see page 8 of IRS publication 529 here: Misc Expenses

1 Replies
Level 1
Jun 4, 2019 12:17:40 PM

No, but it is an Investment Expense to be included as a itemized deduction. 

To enter in TurboTax: 

Go to Deductions & Credits

Scroll to Retirement and Investments

Click Other Investment Expenses

These expenses must be more than 2% of your AGI to be deductible, so you may not see a difference in your calculations. 

For more information, see page 8 of IRS publication 529 here: Misc Expenses