What is the tax rate for a forex market? -

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 Did you keep records that state you expected to be taxed under IRC 1256 (capital gains rules) rather than IRC 988 (ordinary interest income)? If yes, then when you receive your 1099 at the end of the year you will get a 60/40 split of activity onto your schedule D. 40% is treated as short term; 60% as long term. Long term gains would get a better tax rate than short term gains. (If for some reason you don t get the 1099, you must still report the income.)