Question
Where Do I Report Section 988 Foreign Currency Gains On 1041?
Hi guys,
I spent 45 minutes on the phone with customer support and about 2 hours of my own time researching this but I can't find anything that states what form to report section 988 gains on for 1041 or for 1040. I'm only concerned about where they go on a 1041 currently. I know that the gains and losses are treated as ordinary income and losses and at the moment the only place I can think to put the transactions are in the other income section. If anyone knows where these gains and losses goes specifically it would be a huge help.
Thanks.
