Forex Trading Losses Turbotax - Forex Trading The Weekend ...

Stock/options trader thinking about trying Forex

Hi I have never traded Forex but traded stocks and options for a long time. I guess what's appealing is the ability to trade 24/7.
- How different or similar are Forex trades treated on taxes? Easy to import from brokerage to turbotax?
- Even though it's 24/7 aren't there times or days of bad bid/ask spreads and slow volume?
- Any links to guide for people who want to switch from stocks to forex trading?
thanks!
submitted by 1000ancestors to Forex [link] [comments]

Need advice on which online broker to use. Please advise!

I want low cost trades, currently use Edward Jones and get raped. I started with EJ because I started a Roth there, and will keep it there. It just is not good for short term trading.
I want my money to be quickly accessible so I can disengage it / Reengage it to capture gains/avoid losses. I would want lowest fees. I don't mind commission per trade being around 10 bucks, so the 5-12usd range is fine. I ONLY do straight stock trades. No options/mutual funds/forex I think... as I am a newbie.... I would also need easy documentation for tax purposes. This will be my first year paying capital gains/loss on my trading activity. I want that to be as smooth as possible. I will be getting a CPA for taxes this year, previously used TurboTax and did it myself.
I will have between 2500-10000usd in the account. I do some light day trading. (1-2 trades max a day, usually 1-2 trades every 1-2 weeks, AKA not a lot but still in short term range.)
I started because of the following reasons. I have a B.S. in International Economics from Texas Tech. I invest in E&P companies. I have four years experience working completions[frac jobs] in the oil industry, primarily the Permian Basin/Midland-Odessa of Texas. I have a lot of time on my hands while at work that doesn't interfere with my work quality and I can still watch/act on the market movements.
So far I think TradeKing is my best bet but not sure. Maybe Cobra Trading
Any advice is welcome!! Please help!
Hoping this was the right subforum, also posting in Investment
e: I have robinhood but was told it took 2-3 days for funds to clear trades. This doesn't work for me as sometimes I enteexit on the same day.
e2: I am going to be calling a good friend with 4 years experienced for JP Morgan today to clear up some confusion I believe is here due to terminology. Will update thread when I can more clearly explain myself.
I looked up margin accounts, PDT, and margin trading. As far as I know, I am not a margin trader, I do not trade on margin, nor have I done so. I have the cash backing up all trades I made. All trades I made/make have the equity/cash inside my brokerage account to back them up.
e3: I have a cash account, I want to stay cash account. PDT will apply to me. I do not have the funds to enter into margin trading nor the desire.
I am probably just needing to decide between tradekings and tradestation. They all seem the same cost wise just need to look into their tools and layouts and which one I enjoy.
Thanks for the help everyone.
submitted by Snapta to stocks [link] [comments]

I need advice on which brokerage is best for me, PLEASE HELP

I want low cost trades, currently use Edward Jones and get raped. I started with EJ because I started a Roth there, and will keep it there. It just is not good for short term trading. I want my money to be quickly accessible so I can disengage it / Reengage it to capture gains/avoid losses. I would want lowest fees. I don't mind commission per trade being around 10 bucks, so the 5-12usd range is fine. I ONLY do straight stock trades. No options/mutual funds/forex I think, as I am a newbie, that I would also need easy documentation for tax purposes. This will be my first year paying capital gains/loss on my trading activity. I want that to be as smooth as possible. I will be getting a CPA for taxes this year, previously used TurboTax and did it myself.
I do some light day trading. (1-2 max a day, usually 1-2 every 1-2 weeks, AKA not a lot but still in short term range.)
I started because of the following reasons.
  1. I have a B.S. in International Economics from Texas Tech
  2. I invest in E&P companies
  3. I have four years experience working completions[frac jobs] in the oil industry, primarily the Permian Basin/Midland-Odessa of Texas
  4. I have a lot of time on my hands while at work that doesn't interfere with my work quality and I can still watch/act on the market movements.
So far I think TradeKing is my best bet but not sure. Maybe Cobra Trading
Any advice is welcome!! Please help!
Hoping this was the right subforum, also posting in Stocks
e: I have robinhood but was told it took 2-3 days for funds to clear trades. This doesn't work for me as sometimes I enteexit on the same day.
submitted by Snapta to investing [link] [comments]

Tax Treatment of Forex Income - YouTube How TurboTax Protects You from an IRS Audit - TurboTax Tax Tip Video I Tried Forex Day Trading for a Week (Complete Beginner ... Ep 145: Tax Basics and Tips for Stock Market Traders ... turbotax home and business FREE and Download ✅ FOREX  WHEN TO ENTER AND EXIT A TRADE  90% ACCURATE ... BO Turbo Trader - YouTube

Hello, I am in the middle of doing my taxes and I cannot find an option to report my Net gains/losses for my forex trading. It lets me select everything else (bonds, options, stocks) but there isnt an option for currency trading (forex). I was wondering where do i report them. I would group the forex, commodities, and stock in different grouping and just have one total for each group. Your just have to keep your records incase CRA comes knocking! I have personally done this with stocks whereby I had over ten pages and nothing has happened on several tax years. Btw, you will need to fill out a schedule 3 (capital gain/ loss form). Importing the Data. If you've elected to report forex trading under Section 988, then you can import the data from your broker directly into TurboTax with a program such as GainsKeeper. Hi there, i have a ? about turbotax. I am reporting my forex profits under section 1256 "Contracts and Straddles" on TT. The thing is, it wants me to report ALL of my forex contracts for the year. What do I do? I have my transaction history on my computer but don't want to type it all in TT, that would take FOREVER! any suggestions? Thanks! PipMasterFlex. Post # 2; Quote; Mar 7, 2007 9:01pm ... Forex Trading Losses Turbotax And Forex Trading The Weekend is best in online store. If you searching to evaluate Turbotax Forex Trading And What Time Does The Forex Market Open On Monday price. Section 988 taxes FOREX gains and losses like ordinary income, which is at a higher rate than the capital gains tax for most earners. An advantage of Section 988 treatment is that any amount of ordinary income can be deducted as a loss, where only $3,000 in capital gains losses can be deducted. Section 988 gains or losses are reported on Form 6781. Here is how to report in TurboTax: in Federal ...

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Tax Treatment of Forex Income - YouTube

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