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Thread: Day trading and the IRS

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04-09-2008, 09:50 PM

bookfixer

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If you are trading Spot Forex and opt out of section 988 you can list the annual total gain/loss by broker on form 6781, Part 1, Section 1256 contracts. Use a seperate line for each account.

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Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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