Day trading and the IRS
If you are trading Spot Forex and opt out of section 988 you can list the annual total gain/loss by broker on form 6781, Part 1, Section 1256 contracts. Use a seperate line for each account.
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I just did my taxes this weekend and came away rather frustrated. Hopefully it was the software that I chose - the premium edition of H&R Block.
What software do you use?
Does it want you to enter every transaction, symbol and all?
There has to be a better/easier way. What is it ! ?
Thanks in advance.