Forex loss treatment for retail traders.

Hi guys,

I have traded forex in 2022 and got a loss for about $25k which is higher than my wages for the same year.

Can I elect to deduct 2022 forex loss in my next year tax return instead of 2022? Just not to include in 2022 tax filing but use the entire $25k loss in 2023 to offset higher wages?

Appreciate any thoughts.

posted

No, since the trade occured in 2022, you will report it in 2022. You simply cannot defer it into another year.

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I am brand amassador for Younique. I do not make enough with them yet for them to send me a 1099. My tax form I print off from there website shows PRS-Self (Discount)** and PRS Customer. How is the discount taxed vs a commission paid.

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Forex loss treatment for retail traders.