What is the tax rate for a forex market? -

About a year ago, I invested couple thousands of dollars in forex market. I have more lose than gain. Overall, I ve gained around $7000.00 (my loss is higher than this value). My question is what would the tax rate for this capital gain be for this kind of situation. My regular income is less than $20,0000 This is a CPA question. It depends upon the contract you entered into, whether they were spot, bank accounts, bonds, futures and/or options. In some cases the law requires marking to market whether gains are realized or not. You need to speak with a CPA before the close of the year so that you can elect the proper choices within the tax year itself. if you report your loss more than ur gain u might even get tax cut If your loss is higher than your gain you shouldn t have to pay any taxes.