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Lost in Translation: Foreign Exchange Tax Codes (Part III)

Wednesday, March 5th, 2008

Section 1256: Lovable Tax Savings for Futures Traders. It’s not often in the complex world of trader tax accounting that we stumble upon an out-and-out gift from the Internal Revenue Service with no strings attached, but just such a friendly St. Bernard of a tax break may be found in Section 1256 contracts. What is [...]

Lost in Translation: Foreign Exchange Tax Codes (Part II)

Tuesday, March 4th, 2008

Section 988: Worst Case for Gains, Best Case for Losses. The world ’round, life seems to come in twos: Heads and tails. Regular and premium. Standard and deluxe. Coach and first class. Gold and platinum. The same is true when it comes to forex trading and the tax rules that pertain to it. There are [...]

Lost in Translation: Foreign Exchange Tax Codes (Part I)

Sunday, February 24th, 2008

Remember that hit movie “Lost in Translation,” in which a clueless Bill Murray wanders dumbstruck through the foreign and thoroughly baffling world of modern-day Tokyo? That’s the look that comes over many forex traders when they try to get their head around the Internal Revenue Code as it relates to foreign exchange trading. Forex is [...]

Eight Steps to Successful Trader Tax Filing

Saturday, February 9th, 2008

by Jim Crimmins Each New Year brings to a close a trading tax cycle and officially begins the preparation for our next annual reckoning with the Internal Revenue Service. If your income exceeded your expectations, you can bring that sense of accomplishment to the daunting job of tax planning; if not, a trader’s tax accounting [...]