How to report trading activity on foreign brokerage platform (quantfury)?

[lasq90]

Hi! This year I'll be filing MFJ as a nonresident alien (NRA) spouse with my U.S. citizen spouse. My only source of income to be included in our joint tax return derives from thousands of day trading operations on a brokerage platform that does not operate in the U.S. and hence does not provide Form 1099 or any turbotax-friendly document. I do have detailed transaction records though.

How should I proceed? Would it be ok if I just manually report the total annual gain (using a random purchase/sale date as everything is considered STCG)? Would I have to input every single transaction individually (SOS)? Since the proceeds/cost basis are not reported to the IRS either, would I need to attach a printed copy of my records?

[DaveF1006]

You can enter summary totals separately for your long-term and short-term transactions. Once entered, you may electronically file the return but there will be 8453 form that will appear in your return. 

On this form, you will be given instructions on how and where to mail this form. You will need to include a printed copy of every transaction made that are included in the summary totals.

[lasq90]

Thank so much for your response! I did enter them manually as aggregates but no Form 8453 was generated by TurboTax. Should I worry about this? I was going to attach the printed copy of my transaction history anyways. 

[DaveF1006]

Yes, there was an option in the beginning of your entries that asked if you wish to enter summary totals or enter sales one by one. If you said summary totals and then chose to efile, an 8453 should have printed with your return.

Aslo, If you decide to print and mail your return and attach a copy of your Schedule B, you won't receive a 8453 in your paperwork.

[lasq90]

Got it! This year we are required to paper file and attach a joint statement so that I am treated as a U.S. resident for tax purposes. So that is why Form 8453 is not showing up 🙂 Thanks so much!