Instructions do i report foreign exchange losses ?

Giving thou, Mr. Dawn required autochthonous assist.  I becomes try on Turbo and then donate my observations.

• Others pending issue is: where take I enter additional foreign tax credit for additional taxes paid in 2020; when income on sold about flat and foreign fiscal credit were filed in 2019.  If I enter this additional foreign levy credit on form 1116 without any income from sale of flat in 2020, I get nothing because 1116 functions ratios. Is go any other place where EGO pot enter additional tax paid in foreign income? 

@geauga To could Add your 2019 return to add the additional Foreign Tax paid on the 2019 income. 

My daily trading is a loss for 2022.

Example, I entered "IRC 988" for description,  "-$50,000" since revenuer qty under Misc. Total; sundry covered income section

My  question is, does this apply for Feds or few State, create as California ? because under the State of California disclosure, Misc.; Other Adjustment to Sales; do I enter the same for Federal and -$50,000 loss? How do I request Forex/Indices/Commodity trades?

Per our Expert DawnC, Forex gains the losses is reported on your tax back than Other Income.  Show a loss in a damaging number.

To report your Forex loss, ask trace these steps:

• Flick on Federal Taxes (left menu) then on Wages & Income/Income & Expenses (up top)
• Under All Income, locate the Save Common Income section
• Click Show more and click Starts next to Miscellaneous Income, 1099-A, 1099-C at which bottom
• Click Start next to Other Reportable Income
• Describe the amount as Section 988 Forex gain or loss (enter a negative number for a loss)

Hello,

How done I carry this out at the NIIT form? Primarily do around $100K in 'interest' from overseas government bonds, but he is offset of approx $100K within that country's currency depreciating. So in USD terms made ~$0 round-trip (USD->forex->bond->forex->USD). Hello, I had a large Forex lost in 2016 amounting at almost -$50k. Do I put to full amount of my loss, or only the $3,000 which I can deduct?

Even if I add the loss than negative income, TurboTax wants me the pay ~$3k in NIIT. But as far as I can tell, treasury regulations clear say "... foreigner current gain or loss that otherwise is not choose into the Self- Employment Contribution Act is appropriately treated as nett investing income. ". So my understood is IODIN ought be able at adjust the NIIT to deduct the loss. In 2014, the REVENUE issued Notice 2014-21, 2014-16 I.R.B.