CoolASR
Nov 7, 2008, 10:15 PM
Hello all,
I am currently living in US as a foreign employee. So that would automatically put me as a non-resident alien for tax purposes.
I received a letter from the IRS that I have not filed form 1040 for year 2006 and 2007. I called them and told me to file 1040NR instead.
I have bought and sold stocks, mutual funds, options, and futures contracts in year 2006 and 2007. Both years resulted in a loss in terms of net total.
My questions are:
1. I am 90% sure I am being taxed at 30% for capital gains. This may sound dumb but I have to ask it anyway to make sure. The 30% tax is on per transaction that resulted on a profit or gross amount in the year? If it is a loss, I assume I don't owe any taxes?
2. Which form do I have to fill for Futures Contracts/Options/or Stocks? Or is just 1040NR? And I shouldn't worry about schedule D (stocks) or form 6781 (for futures contract/options)?
3. The interest from my bank is not taxable. Do I still have to report it on 1040NR?
Thank you for your help in advance!
I am currently living in US as a foreign employee. So that would automatically put me as a non-resident alien for tax purposes.
I received a letter from the IRS that I have not filed form 1040 for year 2006 and 2007. I called them and told me to file 1040NR instead.
I have bought and sold stocks, mutual funds, options, and futures contracts in year 2006 and 2007. Both years resulted in a loss in terms of net total.
My questions are:
1. I am 90% sure I am being taxed at 30% for capital gains. This may sound dumb but I have to ask it anyway to make sure. The 30% tax is on per transaction that resulted on a profit or gross amount in the year? If it is a loss, I assume I don't owe any taxes?
2. Which form do I have to fill for Futures Contracts/Options/or Stocks? Or is just 1040NR? And I shouldn't worry about schedule D (stocks) or form 6781 (for futures contract/options)?
3. The interest from my bank is not taxable. Do I still have to report it on 1040NR?
Thank you for your help in advance!