I lost money trading foreign currency through OANDA I have a printed copy from them of my net realized loss but no 1099B
Yes, OANDA is a Forex and CFD broker and is regulated by Section 988 of the internal Revenue code. You would report your foreign currency loss as a Section 988 transaction and treat it as an ordinary loss in accordance with IRS guidelines. This defaulttreatment of foreign currency gains limefx scam is to treat it as ordinary income. By default, retailFOREX traders fall under Section 988, which covers short-term foreign exchangecontracts like spot FOREX trades.
- Section 988 taxes FOREX gains and losses likeordinary income, which is at a higher rate than the capital gains tax for mostearners.
- « Except asotherwise provided in this section, any foreigncurrency gain or loss attributable to a section 988 transactionshall be computed separately and treated as ordinary income or loss (as thecase may be). »
- This defaulttreatment of foreign currency gains is to treat it as ordinary income.
- By default, retailFOREX traders fall under Section 988, which covers short-term foreign exchangecontracts like spot FOREX trades.
Section 988 taxes FOREX gains and losses likeordinary income, which is at a higher rate than the capital gains tax for mostearners. An advantage of Section 988 treatment is that any amount of ordinaryincome can be deducted as a loss, where only $3,000 in capital gains losses canbe deducted. « Except asotherwise provided in this section, any foreigncurrency gain or loss attributable https://limefx.group/ to a section 988 transactionshall be computed separately and treated as ordinary income or loss (as thecase may be). »
- You would report your foreign currency loss as a Section 988 transaction and treat it as an ordinary loss in accordance with IRS guidelines.
- By default, retailFOREX traders fall under Section 988, which covers short-term foreign exchangecontracts like spot FOREX trades.
- Yes, OANDA is a Forex and CFD broker and is regulated by Section 988 of the internal Revenue code.