Taxes

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Gary Stephenson
362
Gary Stephenson  

can anyone tell me if and how you can wright off the cost of EAs or off set you gains on your income tax?

thanks

Gary

whroeder1
17939
whroeder1  
  1. This is an international forum.
  2. No one here can know all tax jurisdictions and you haven't stated which.
  3. No one here is going to give you legal advice.
Felipe Ponce Aragon
882
Felipe Ponce Aragon  

Gary,


In my country it's very easy, this may help you. I only pay taxes of profit withdrawals that I do from my Forex account to my bank account in my country. From that withdrawal I pay taxes and the remain is for me.


But to buy EAs I make a withdrawal from my Forex account to my PayPal account and buy the EA. The withdrawal doesn't go to my national bank account, so in my country it doesn't count as profit. To me that's equivalent to writing it off for tax purposes and it fulfills my country's laws.

Joel Simmons
3888
Joel Simmons  

I am from USA too. Here you go


https://greentradertax.com/

GreenTraderTax
  • greentradertax.com
GreenTraderTax.com specializes in traders and investment management businesses.
Alain Verleyen
36170
Alain Verleyen  
Joel Simmons:

I am from USA too. Here you go


https://greentradertax.com/

I am curious how you know the OP is from USA ?

Fernando Carreiro
4460
Fernando Carreiro  
Alain Verleyen: I am curious how you know the OP is from USA ?

I would assume that he got that from the profile information (provided it is correct)!

Joel Simmons
3888
Joel Simmons  
Alain Verleyen:

I am curious how you know the OP is from USA ?


Yes...........what Fernando said :) 

Alain Verleyen
36170
Alain Verleyen  
Joel Simmons:


Yes...........what Fernando said :) 


Yes I see that now. But don't rely too much on this, it's rarely exact as Fernando said.

Though this time it's correct ;-)

PennySeven
555
PennySeven  
Gary Stephenson:

can anyone tell me if and how you can wright off the cost of EAs or off set you gains on your income tax?

thanks

Gary


Move to a zero tax country. 

Marco vd Heijden
Moderator
8182
Marco vd Heijden  
PennySeven:

Move to a zero tax country. 


Here they have a limit and if you stay below you don't have to pay anything.

So i try to stay below.

But i have also looked them up in the past.

The Bahamas.

British Virgin Islands.

Brunei.

Cayman Islands. 

Monaco.

Oman.

Turks and Caicos. 

United Arab Emirates.

Vanuatu.

I think there are more.

Next element would be the climate i guess.

Fernando Carreiro
4460
Fernando Carreiro  

In Portugal, if you declare your gains as based on Financial Trading, then you will be taxed on your earnings by a simple fixed %Rate (currently 28%), but you cannot declare or write off any losses or expenses.

The only way, to write off the expenses and/or the loss, is if you register as being a type of Sole Proprietor of a Business, but then you have a higher rate (28.5%-48% depending on earnings) and you have to have a Certified Accountant auditing your records and books.

In my case, since I also do Software development, I have both systems in place, but for the trading I use the simple fixed rate% as that benefits me more than using the more complex method.

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