Comments on: Tax Software For Forex Traders?

By: Crazy Video Clips

Crazy Video Clips — Sat, 11 Jul 2009 12:51:34 +0000

Hi,
Here’s a good article about taxes with some valuable links in it.
“Currency trading is a hot commodity in the market place, but not all currency contracts are taxed like commodities. Cash forex is subject to IRC section 988 rules and if you’re a trader, you can elect out of IRC 988, to be taxed like commodities – with beneficial 60/40 treatment. Before you start trading cash forex, find out if you brokerage firm will help you with trade accounting. ”
Read the whole text: http://www.aboutcurrency.com/content/view/141/489/
Hope this helps.

By: wartz

wartz — Sat, 11 Jul 2009 07:52:48 +0000

You could leave forex to the pros and would probably be happier in the long run.

By: khuram67

khuram67 — Sat, 11 Jul 2009 06:22:14 +0000

I think the 12MinuteFX system recommends a site (link below)

By: Paul U

Paul U — Sat, 11 Jul 2009 02:04:11 +0000

Good question and it ’tis the season to start planning for taxes.
Do yourself a huge favor and check out http://www.greencompany.com/
for alot of free info on taxes for traders.
They also have a tool that I have used the allows you to download reports from the major brokers and attach them to your tax filings.
Good luck.
Paul Upp