I lost money trading foreign currency through OANDA I have a printed copy from them of my net realized loss but no 1099B

I actually use a non regulated broker out of pure ignorance and have access to the total loss amount. scammed by Lunar Capital Yes, OANDA is a Forex and CFD broker and is regulated by Section 988 of the internal Revenue code. I still treat it as “other income” and provide the -$12,000 in the box correct? I just do this as another source of income. By default, retailFOREX traders fall under Section 988, which covers short-term foreign exchangecontracts like spot FOREX trades.

• I still treat it as “other income” and provide the -$12,000 in the box correct?
• You would report your foreign currency loss as a Section 988 transaction  and treat it as an ordinary loss in accordance with IRS guidelines.
• Section 988 taxes FOREX gains and losses likeordinary income, which is at a higher rate than the capital gains tax for mostearners.
• An advantage of Section 988 treatment is that any amount of ordinaryincome can be deducted as a loss, where only $3,000 in capital gains losses canbe deducted.
• Yes, OANDA is a Forex and CFD broker and is regulated by Section 988 of the internal Revenue code.

You would report your foreign currency loss as a Section 988 transaction  and treat it as an ordinary loss in accordance with IRS guidelines. This defaulttreatment of foreign currency gains is to treat it as https://lunarcapital.club/ ordinary income. An advantage of Section 988 treatment is that any amount of ordinaryincome can be deducted as a loss, where only $3,000 in capital gains losses canbe deducted. Section 988 taxes FOREX gains and losses likeordinary income, which is at a higher rate than the capital gains tax for mostearners. Section 988 gains or losses are reported on Form 6781. You would report this as other reportable income in Turbo Tax.

• Section 988 gains or losses are reported on Form 6781.
• I just do this as another source of income.
• By default, retailFOREX traders fall under Section 988, which covers short-term foreign exchangecontracts like spot FOREX trades.
• This defaulttreatment of foreign currency gains is to treat it as ordinary income.
• You would report this as other reportable income in Turbo Tax.