Ally Invest Forex, formerly known as TradeKing Forex, is a popular online trading platform that offers forex trading services to traders around the world. As with any investment platform, it is important to keep track of your account history for tax purposes. In this article, we will discuss how to get your account history for taxes from Ally Invest Forex.
Why is Account History Important for Taxes?
When it comes to taxes, the IRS requires you to report all income and losses from your investments. This includes forex trading on Ally Invest Forex. It is important to have accurate records of all trades and transactions in order to properly report your gains and losses on your tax return.
Your account history will contain all the information you need to accurately report your forex trading activity on your tax return. This includes details such as the date of each trade, the currency pair traded, the size of the trade, the entry and exit price, and the profit or loss on each trade.
How to Get Your Account History from Ally Invest Forex
Ally Invest Forex makes it easy to access your account history. Here are the steps you need to follow:
Step 1: Log in to Your Account
The first step is to log in to your Ally Invest Forex account. Once you are logged in, you will be taken to your account dashboard.
Step 2: Navigate to the Account History Page
To access your account history, click on the “Account” tab in the top menu bar. Then click on “History” in the dropdown menu.
Step 3: Select the Date Range
On the Account History page, you can select the date range you want to view. You can choose from a variety of preset date ranges or enter a custom date range.
Step 4: Download Your Account History
Once you have selected your date range, click the “Download” button to download your account history in a CSV file format. This file can be opened in Microsoft Excel or any other spreadsheet software.
Step 5: Review Your Account History
Open the CSV file you downloaded and review your account history. You will see a list of all trades and transactions during the date range you selected. Make sure to review all the details of each trade to ensure accuracy.
Tips for Using Your Account History for Taxes
Now that you have your account history, here are some tips to help you use it for tax purposes:
1. Keep Accurate Records: Keep track of your account history throughout the year, rather than waiting until tax season. This will save you time and stress when it comes time to file your taxes.
2. Use the Right Forms: When reporting your forex trading activity on your tax return, use the appropriate forms. For example, if you are a sole proprietor, you would use Schedule C on your individual tax return.
3. Seek Professional Help: If you are unsure how to properly report your forex trading activity on your tax return, seek the help of a tax professional. They can help ensure you are reporting everything correctly and help you maximize your tax deductions.
Conclusion
In conclusion, getting your account history from Ally Invest Forex is a simple process that can save you time and stress when it comes to tax season. It is important to keep accurate records of all trades and transactions throughout the year to ensure you are properly reporting your forex trading activity on your tax return. If you need help with taxes, seek the help of a tax professional to ensure everything is done correctly.
