Income Taxes - FOREX Traders

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Does anyone know where there is a good, comprehensive, and trustworthy source of information on the preparation of US Federal Income Tax returns for gains or losses in Forex trading?

 

Haven't used them myself yet but have heard such good things about them that I plan to.

Traders Accounting

 

They may be very good, but what I prefer is the information to prepare my own tax returns, as this is what I have always done. That is not to say that I would not consider a professional service.

 

Forex Account- Accounting

Does anyone know of an accounting/tax program geared towards forex traders?

 

Tax Laws

Hi I live in the UK. If I ever start to make any money out of the forex. Do I have to declare my winnings to the tax man if so at what point or how much do I have to earn before having to do this.

Thanks in advance

 
marine1983:
Hi I live in the UK. If I ever start to make any money out of the forex. Do I have to declare my winnings to the tax man if so at what point or how much do I have to earn before having to do this. Thanks in advance

If you use an normal broker you can earn up to 8k tax free before the tax man applies capital gains tax. If you spreadbet it is currently tax free as with gambling profits and I assume you wouldn't need to declare it.

 

K thanks for your help

 

taxes

does that apply to the U.S. also?

 

Paying Taxes

I have a question about earning through forex, and thus paying taxes.

Suppose you open an account overseas (IBFX-USA, Alpari-UK, North Finance-Cyprus, etc), and you withdraw your profits to your own country, how do you declare the income for tax purposes? Will your broker do this for you, or do you have to fill in the tax form for each country that you have the account with?

Or do you declare them as your home income? Or you don't declare them at all?

Regards,

Azmel.

 
 

hi

Hi,

I think FX business is free tax

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