Where to enter currency trading losses?

[ChaseWinner]

I have some losses from trading GBP/USD in the spot market. I was hedging a position in a UK ETF. I'm guessing the IRS will view these as separate positions.



Where should I report the currency trading losses?



Thanks

[MaxLopenz]

First off, I'm not a tax pro, but I can share what I've learned from my own experience.

So, when it comes to reporting currency trading losses, it’s usually done on Form 8949 and Schedule D. These forms are for reporting capital gains and losses. You'll need to list each of your trades, showing the dates, amounts, and whether they're short-term or long-term. It might seem like a lot, but it's crucial for the IRS.

One thing that helped me a lot was checking out proptraderhub.com. They've got some pretty solid info and resources that break down the tax stuff in simpler terms. Plus, their community is super helpful if you have more questions.

[OliverShultz]

For reporting currency trading losses, you’ll usually fill out Form 8949 and Schedule D. These forms are for listing out your trades and showing if they're short-term or long-term. It might seem a bit much, but it’s important to get it right for the IRS.

[gisselletdean]

From my experience, finding a good guide can make this process easier. There are some online resources that explain these forms in a more straightforward way. Also, if you’re into trading, you might want to check out a Forex EA that handles trades automatically and keeps settings updated. It could be a handy tool for managing your trades more effectively.