Last year was the first year I traded Forex, and I now need to finish up my taxes. I've always done it myself via Turbo Tax online, but they don't explicitly deal with currency trading.
I know from short-term stock trading that I have to list all my entries/exits separately, and I get a 1099 listing all my transactions, so that's pretty straightforward.
I am assuming I treat currency trading similarly, but I am actually not sure how to treat it. First, should I be expecting a 1099 or some other form from my broker? I have yet to receive one. I assume something is coming? Second, my MTF transactions don't properly reflect the actual transactions because my broker is FIFO while MT4 platform isn't. Third, my only actual cost of entry into a position is the spread and I suppose the margin requirement while the position is held. It's not like stocks where you buy 100 shares at X and sell them at Y. So, I'm not even certain how to show the transactions if I were to try and go through the effort of duplicating it.
How do you guys treat this on your taxes? And even if the answer is "my accountant does it" I need to know what to even give my accountant.
Any help is appreciated. Thanks.