How to deduct losses in FOREX?

Question by BOB N: How to deduct losses in FOREX?
I have losses for the tax year 2008 for trades involving FOREX?
Are these deductible and where nd how would they be deducted?

Best answer:

Answer by conusgypsy
It is deductible only if the company went bankrupt or you sold the stock in 2008; otherwise you lost your opportunity. If you did sell, you take the loss on your Schedule D – you’ll get a 1099 for reporting purposes. If you didn’t sell it you can take the loss for 2009 if you sell it in 09

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