Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-02-2015, 02:11 PM
Junior Member
 
Join Date: Mar 2015
Posts: 3
Does Foreign Currency Exchange count as "securities"?

It would be great if I could offset my stock gains with my foreign currency investment losses.

Does anyone know?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-02-2015, 08:40 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,236
Quote:
Originally Posted by alexxifo View Post
It would be great if I could offset my stock gains with my foreign currency investment losses.

Does anyone know?
You can deduct your losses from trading in foreign currency on Sch D /8949 just like you would for sale of stock or real property as a capital loss.


Short term capital loss is first used to offset short term capital gain. Remaining loss is then used to offset long term capital gain. Any remaining loss up to 3k may be used to offset ordinary income , salaries,wages, interest, etc and excess is carried over to the following years where the character ,long term or short term, will again apply.The trade must be for investment purposes and not just in the general catagory normal while traveling or making foreign personal purchases.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 03-03-2015, 01:19 AM
Junior Member
 
Join Date: Mar 2015
Posts: 3
Thank you so much, Wnhough!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #4 (permalink)  
Old 03-03-2015, 01:34 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,236
Quote:
Originally Posted by alexxifo View Post
Thank you so much, Wnhough!
good luck~~



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
capital gain tax on foreign currency exchange awatson5 Capital Gains 1 12-23-2014 04:42 AM
IRS gives transitional relief to Form 8937, "Report of Organizational Actions Affecting Basis of Securities" filers! TaxGuru General 0 01-17-2012 11:50 AM
California State Announces reduced "Withholding for Foreign Partners." TaxGuru California 0 08-16-2011 07:48 PM
"Estimated Taxes Not Required" + Foreign Earned Income + Got Married (Help!) The Dude Estimated Taxes 1 07-13-2011 05:07 AM
The IRS announces rules on "Withholding on Foreign Partners". TaxGuru For 2009 0 06-18-2009 12:16 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning