Currently, TradeLog only supports FOREX trade transactions from Interactive Brokers as they are the only broker we have seen that includes a conversion rate for each transaction back to US dollars.
Forex trades are made in multiple currencies trading one currency against another and our underlying database table does not support this format. Forex trades are also reported inconsistently (if at all) by most Forex brokers, and in many cases they do not provide enough information or do not report them in proper order of execution further compounding the problem for an automated data entry.
Additionally, Forex trades may not be reported to the IRS the same as stocks and options, or futures. Some types of Forex trades can be treated as Section 1256 contracts, and others as Section 988 foreign currency transactions. The tax code can be confusing and uncertain on this topic. Currently no special schedules or itemization are necessary, therefore we do not anticipate adding any Forex import capability to our TradeLog software in the near future.
Pease do not confuse Currency Futures contracts with Forex trades. See our Filing your trader taxes tax topic for details.
For more information regarding Forex tax handling you may refer to our partner, Green Trader Tax, as they can provide professional guidance and resources for Forex traders, click here for more information.
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