Posted by forex at 6:41 AM
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1. Determine whether your realized Forex losses are more or less than $3,000. If they're less than $3000, then you should claim the total amount. If they're more than $3,000, you can only claim $3,000, no matter how much the losses were. Remember, you can only claim up to $1,500 if you're married but filing separate returns.
2. Fill out IRS Schedule D, an IRS form that you can download from the Resources section on this page.
3. Fill out the form with information about the Forex investments you want to claim as gains and losses on your taxes. You should have the net loss calculated when you've completed the form.
4. Fill in the total loss you're claiming on line 13 of IRS Form 1040.
5. Finish your taxes and submit them on time. Your losses should be credited, helping reduce your total amount of taxes owed.