As a relatively new person trading on the US market with IB, and coming up to the end of the financial year here, I was wondering how to handle my tax return in regards to trading US options.
These are my main questions:
1. Is there a requirement to submit a US tax report at the end of their tax year?
2. Does IB provide a report at the end of our tax year?
3. If so is this sufficient for all tax calculations?
4. Will I have to use the ATO exchange rates for each transaction as it occurs?
5. Basically what process or program do you use when it comes to tax time?
Any help would be fantastic.