Oanda Currency Trade Account

[Randall]

Client has a do it yourself account with a company called Oanda. He brought in a statement showing a summary of 254 trades, realized profit $298, realized loss $508, net realized loss $210. I asked for a 1099 and he says they don't issue 1099s.

Anyone else see this come up? Should I ask client to get a .csv file of all his trades to import each trade?

[joanmcq]

Currency trading goes on the form 6781. Bulk line item.

[TaxMan60601]

I don't know about oanda and forex trading but here's what I know about shares trading.

It's kinda problem indeed because they usually had a lot of transactions and it's worthless to issue hundred or more paper 1099s. But there are also electronic ones ...

Client definitely should have electronic statement - tax reporting statement or just income and transaction statement - and there is definitely 1099 consolidated (incl DIV, INT, B, OID, etc.) or 1099 original form issued for every account for sure. Even more, after the latest regulation changes, such parties are obliged to issue additional statements which consist same information as on the ATX 8949 worksheet so you shouldn't have any problems when importing transactions info. Unfortunately, most prob not all of them are ready to provide such documents up to today ...

Client definitely should be able to pull out any kind of report or statement through his online account.

And yes you may ask client for .csv file for cross check and speeding up the process.

[Randall]

joanmcq, I don't see a reference to a bulk line item. The instructions seem to say if no 1099-B, then list each transaction.

[joanmcq]

You just put in the totals. Form 6781. Not 8949.