What are the tax implications of profits obtained and losses incurred on the Forex market? -

your losses can be used to offset your gains. If your gains are the result of a holding period of greater than one year, they are subject to a more favorable tax rate, about 1/2 the normal. You may deduct $3000 of your losses against ordinary income if you are married filing jointly and you can carry them over for two additional years. I would imagine that they are the same, for any capital gains or losses. I wish I could answer properly, but your question has me stumped for an answer. An interesting one.