If you look in the
Forex Articles forum, there's a thread about USA tax issues.
Alternatively, I can help you out. Here's a preview of the new and improved, next generation very simplified 1299-FX tax form:
IRS 1299-FX for 2009
For reporting taxes due on all profits, losses, balances, and potential profits of forex trading
Line 1. Enter your beginning balance. _____
Line 2. Enter your ending balance. ______
Line 3. Enter any amount you withdrew from your account. ____
Do not attempt to lie about lines 1, 2, and 3. We already have that information from your broker.
Line 4. Enter potential profit of all trades you wish you had taken and didn't. ___
Line 5. Enter potential additional profit of all trades you took, but wish you had gone in for larger lot sizes. _____
Do not attempt to lie about lines 4 and 5. That chip we planted in your head while you were sleeping sent that information to us in real time.
Line 6. Sum of Lines 1, 2, 3, 4, and 5. ______
Line 7. Multiply 0.9 times line 6. ______
Pay the IRS the amount in Line 7. Do not bother with a stamp. This form contains embedded nano-circuitry that has signaled the nearest collection agent as soon as Line 7 was completed. The collection agent will be arriving at your location within 10 minutes. Failure to present payment immediately is punishable by fine of not less than $50,000 and imprisonment for a term of not less than 10 years.
Remember, the IRS is here to help the taxpayers. If you have any trouble filling out this form, please call our 900 number for assistance. The cost is only $4.95 per minute, average hold time is 73 minutes, and we make no guarantee of accuracy of any responses.
