Income Taxes - FOREX Traders - page 3
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hi whats the situation with tax when live trading,do you have to pay tax to the country that the broker is operating from, if so wouldn't it be best to find one in a tax free country, anyone have a list of such brokers.
You pay taxes to the country where you reside.
New Trader Tax
Hey gang,
I felt that all of you should be aware of the proposed "financial transaction tax" or "trader tax" that has been given a decent amount of word-play in Washington lately. Green Trader Tax did a nice piece explaining the proposal and its implications. You can read more about it at the following url:http://www.greencompany.com/EducationCenter/Greenblog011409.pdf . Given that the topic was again raised this past week, I feel that everyone with an interest in the markets here in the States should be aware of what is going on and consider contacting your congressmen and women to let them know your thoughts.
oh wow... good to know. I had no idea about this. Definitely spread the word, I am sure there are many who are just as clueless as I was a minute ago!
It really is not that difficult. If you have to pay taxes, which generally means you are profitable, then use the 60/40 rule like in futures. 60% long term rate and 40% at the short term rate. Report on Schedule D.