What will i do to report to irs my foreigh currency earnings

[espinojoel44]

I am trading foreign currencies, the broker did not provide my the tax form 1099 for my earning. What will i do

[DaveF1006]

It depends.  The reason your broker did not issue a 1099B is because the trading of foreign currencies is not treated as a capital gain or loss but as a ordinary gain or loss. Here is how to report.

To report your trade. 

• Click on Federal Taxes (left menu) then on Wages & Income/Income & Expenses (up top)
• Under All Income, locate the Less Common Income section
• Click Show more and click Start next to Miscellaneous Income, 1099-A, 1099-C at the bottom
• Click Start next to Other Reportable Income
• Describe the amount as Section 988 Forex gain or loss.  If you experience a loss enter a negative number for a loss. if a loss, enter it as -XXXX.