Hello,
I have used 2 different trading platforms in 2006. I have profit from FXCM and loss from the other platform. I have lost more money than I made. Should I report anything at all?
Thank You!

Yes, always report all your gains and losses, even if you have negative taxable income.

There is a rule that if your gross income is under a certain threshold amount, you don't have to file a tax return.

But traders should always file returns, since they usually have significant proceeds and the IRS then looks for a tax filing; certainly for securities traders and this may also happen for futures and forex traders too.

If you have not elected out of IRC 988 on a contemporaneous basis in 2006, then report both brokerage amounts in summary form on line 21 of Form 1040 and the net loss will be a deduction from gross income (that's helpful).

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Thank you for your help!

your welcome. I like to add the last word, so it doesn't appear that there are unanswered questions on the Forex TAx forum.

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