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nequielb
New Member

Where will we get a 1099 form from to file our Forex gains and losses? If a new trader begins trading after the deadline for the filing, how will they handle their taxes?

 
7 Replies
fanfare
Level 15

Where will we get a 1099 form from to file our Forex gains and losses? If a new trader begins trading after the deadline for the filing, how will they handle their taxes?

you report trading on the return for the year in question. It is no different than any other taxable investment transactions.
fanfare
Level 15

Where will we get a 1099 form from to file our Forex gains and losses? If a new trader begins trading after the deadline for the filing, how will they handle their taxes?

Your broker may issue a separate 1099-B for your futures and FOREX activity.

VolvoGirl
Level 15

Where will we get a 1099 form from to file our Forex gains and losses? If a new trader begins trading after the deadline for the filing, how will they handle their taxes?

You don't report your income and gains/ losses based on the filing deadline in April or Oct.  Everything goes by the calendar year that ends on Dec 31.  The 1099 forms get mailed to you by Jan 31 or for investments they might not come until late February.  You have to wait to file until you get all the forms.  And with investments watch out for them to mail you corrected forms later.  So don't file right away or you may have to do an amended return to correct it.
procoder-net
New Member

Where will we get a 1099 form from to file our Forex gains and losses? If a new trader begins trading after the deadline for the filing, how will they handle their taxes?

if you are with a broker that doesnt provide 1099? then
fanfare
Level 15

Where will we get a 1099 form from to file our Forex gains and losses? If a new trader begins trading after the deadline for the filing, how will they handle their taxes?

what broker? is this a U.S. account?
fanfare
Level 15

Where will we get a 1099 form from to file our Forex gains and losses? If a new trader begins trading after the deadline for the filing, how will they handle their taxes?

your year-end statement is probably titled substitute 1099-B in the fine print. In any case you can use that.
procoder-net
New Member

Where will we get a 1099 form from to file our Forex gains and losses? If a new trader begins trading after the deadline for the filing, how will they handle their taxes?

it is not a US broker, like FinPro trading, LMFX etc.
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