Interactive brokers forex tax reporting

Forex Income Worksheet · View income and loss information from your completed currency transactions for the year. · Includes forex spot trades and trades in.
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The Forex Income Worksheet includes income and loss data from closed forex spot trades and closed securities trades denominated in a nonfunctional currency. The forex income and loss information included on the Forex Income Worksheet is based on the following rules:.

Forex Income and Loss

This requires adjustments to be made, and you will see these adjustments on the Forex Income Worksheet. The Worksheet includes detailed information about the acquisition and disposition of each nonfunctional currency transaction that closed in the year just ended. Each acquisition can be either a forex spot trade or a trade in securities denominated in a nonfunctional currency, a dividend or interest payment or other nonfunctional currency transaction. For example, a completed forex transaction might be the purchase of CAD, followed by purchase of a Canadian stock for CAD on the next day.

The second transaction, the purchase of Canadian stock, is considered a disposition of CAD. The following example shows a typical sequence of forex transactions and securities trades denominated in nonfunctional currencies, explains how the income and loss for those transactions is calculated, and shows how the transactions are recorded on the Forex Income Worksheet. This is followed by the purchase of 20 shares of Rolls Royce stock for GBP, then by an adjustment due to changes in the exchange rate.

Tax Reporting

We then sell the stock, close out the GBP position, and make another adjustment. This is a forex spot trade for 15, Canadian dollars CAD. The trade results in an open position of 15, CAD and because there is no income or loss realized, there is no line item added to the Forex Income Worksheet for this transaction.


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On the Forex Income Worksheet however, the closing transaction is shown as a single line item. Summarizing this transaction, a CAD position was closed and the income or loss that appears on the worksheet is your functional currency USD equivalent of that closed position. For purposes of calculating income or loss, this is treated as three separate transactions, including two forex transactions and one stock transaction, all against the functional currency USD.

Summarizing the transaction, a GBP position was closed and the income or loss that appears on the worksheet is your functional currency USD equivalent of that closed position. A similar adjustment is made to the basis of the Rolls Royce stock position, but that adjustment is reported elsewhere. On the worksheet, the closing of the short position of 12, GBP appears on its own line as follows:. The transaction results in a loss of 2, USD. The proceeds, cost and income of all GBP closing transactions are totaled at the bottom, and the totals for all proceeds, cost, and income or loss is reported below that on the Forex Income Worksheet.

Here are the same transactions as they would appear on the Forex Income Worksheet. Notice that all transactions are grouped and totaled by currency. Transactions included on the Forex Income Worksheet are grouped by currency and each closing transaction is displayed on its own row. Income and loss are displayed in USD for all eligible accounts.

All non eligible accounts use the base currency specified in their IBKR accounts for the specific tax year. You can link to other accounts with the same owner and Tax ID to access all accounts under a single username and password. Change the lot-matching method on the fly to immediately see the effect on your gains and losses. Manually match specific sales to open tax lots.

FX Tax Reporting with Interactive Brokers

Forex Income Worksheet Review your forex income and loss on our Forex Income Worksheet: View income and loss information from your completed currency transactions for the year. Includes forex spot trades and trades in securities denominated in a nonfunctional currency. Includes detailed information about the acquisition and disposition of each nonfunctional currency transaction that closed in the year just ended.

Get tax forms for the last five years. Customers with multiple account structures can get tax forms for closed accounts.

Tax Information and Reporting - FX P&L | Interactive Brokers LLC

Free Tax Webinars Register for one of our free tax webinars or view one of our recorded tax webinars at our Traders' University. Important Tax Reporting Information Our Tax Reporting web pages include a wealth of important tax-related information, including: A list of all tax forms and reports for the current tax year, with links to the actual PDF forms.

Tax reporting for wash sales.