Dislikedcool, that's good to know, thanks, Slack. For $37 probably not a bad deal at all & I don't think there's anything else like it out there anyway....Ignored
They are good people, and best of all, understand trading.
Forex Taxes 371 replies
ECN && STP && Scalping && Hedging - Broker Review - Oct 2009 24 replies
Forex Taxes 4 replies
UK Taxes and Forex 5 replies
Forex Taxes -- In The USA 3 replies
Dislikedcool, that's good to know, thanks, Slack. For $37 probably not a bad deal at all & I don't think there's anything else like it out there anyway....Ignored
DislikedI'm a forex newbie in California. I've been trading full time this year as a day trader. It looks like I might have a net loss this year. I'd like to form a business entity to offset my losses from my spouse income.
I've learned that filing as sole proprietor could raise too many red flags since IRS doesn't like to see schedule C losses.
What do you guys think about General Partnership entity instead of LLC? GP is cheaper to set up, and I don't need liability protection in the foreseeable future.
Thanks in Advance!Ignored
DislikedI'm in New York and in one calendar year if I put $50K in a US broker and grow the account to 100K but only withdraw $25K. Do I only pay taxes on the 25K I withdrew to my bank or do I pay taxes on the full $50K increase of the brokers account?
Thanks in advance.Ignored
DislikedHi, you pay taxes on your net forex profit. Withdrawal has no bearing.Ignored
DislikedReally??!! I've always heard it's only what you withdraw from your account (of net profits) that you pay taxes on. I have a friend who withdraws from his account each month. He always leave's $12,000 in his IBFX account (after withdrawal). If his withdrawal is more than he needs that month for his living expenses, he puts the extra into investments so that he doesn't need to pay taxes on that money either.
NeoRioIgnored
DislikedReally??!! I've always heard it's only what you withdraw from your account (of net profits) that you pay taxes on.Ignored
DislikedNow, report net gain/loss either combined across all forex accounts on Line 21 Other Income (if using IRC 988), with an optional but recommended statement showing net gain/loss by account; or separately for each forex account on Sch. D (if using IRC 1256).
Realized account values is what you must go with, as long as you have not made the MTM (marked-to-market) election, as is the case for most individual non-professional traders.Ignored