By default, retail FOREX traders fall under Section , which covers short-term foreign exchange contracts like spot FOREX trades. Section taxes FOREX gains and losses like ordinary income, which is at a higher rate than the capital gains tax for most earners.

Section gains or losses are reported on Form This default treatment of foreign currency gains is to treat it as ordinary income. How do you send the support for the trades to the IRS? I want to file the return through efile. Or is support not necessary? I have many, many trades.

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