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April 15, 2025
Question

Does any one please know how to report the purchase and sell of foreign currency (CNY). Should it be 1040? I can't locate a place to add additional 1040 income.

  • April 15, 2025
  • 1 reply
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Any help would be greatly appreciated

    1 reply

    April 17, 2025

    Yes.  All taxable income is reported on form 1040. 

    These would be considered Section 1256 Contracts and Straddles

    To enter them in TurboTax you would select the following:

    1. Income
    2. Contracts and Straddles under Investment income
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