Forex Futures Trading

Do I have to declare currency trading losses in my tax return?

Hello, I experimented with Forex (Foreign Exchange) trading last year. I started with $ 200.00 and at the end of the year I had $ 40.55 in my account forex trading. My $ 40.55 is sitting with the broker (FXCM). I wonder if I have to report this on my taxes? I know that brokers send 1099 but have not received anything from Forex Broker. Since I had no money, Do I have to report this? Is this number significant? Does it matter to the IRS on this type of commercial gain or loss? I usually do my own taxes, but I am thinking of going to a counter just for the Forex market, but I fear I may end up paying much of the fee for filing taxes, when perhaps only present taxes myself. Please suggest!

Definitely all the advice everyone is giving are for your information and the idea, the rest to confirm and know exactly what you need to go to your tax advisor for it. In my opinion you should show your earnings when you are showing their benefits. Regards

Forex Daily Outlook December 18, 2009

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