How to File Profits Generated Through Forex Trading


Other income goes on line 21 of your Form tax return. The IRS requires that you list “type and amount” here and enter the total. If you were paid $40 for performing jury duty, enter $40 and “jury duty.”.

If traders had to report forex trading losses as interest expense, it would be a problem for many investors, but not business traders. Report your total gain or loss on Form , line Attach to Form the paper showing your Section transaction and file both documents with your income tax return.

Is Self-Employment Income Considered Other Income?

IRS CP notices are annoying for a wide variety of reasons but mostly because the IRS assumes that most all items reported on line 21 of IRS From are subject to self-employment (SE) tax.

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