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Tax question 3 replies

tax question (new trader)

  • Post #1
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  • First Post: Feb 14, 2007 7:49pm Feb 14, 2007 7:49pm
hi.
basic question about taxes.

i went in the forex 6 months ago and i put up a measly 2000 dollars for play trading. sad to say, i lost all of my initial capital. do i have to pay tax still or do i only have to pay if i withdraw from my trading accoutn

regards
chris
Quoting wildfire888
hi.
basic question about taxes.

i went in the forex 6 months ago and i put up a measly 2000 dollars for play trading. sad to say, i lost all of my initial capital. do i have to pay tax still or do i only have to pay if i withdraw from my trading accoutn

regards
chris
Since this is an international forum, your country of origin would be a big help.

In most cases, once the trade is closed, it's taxable. However loosing all of your initial captial is not a bad thing tax wise, but a good thing. However I remember reading only $200-300 of your losses may be eligible. It's best to consult with a tax expert in your country of origin.
To be one with the market, you must first be one with yourself.
yes my country is canada.

since its tax season im just afraid that the taxman might come claiming to pay 6000 for a liquidated account.
  • Post #4
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  • Last Post: Feb 14, 2007 9:11pm Feb 14, 2007 9:11pm
Quoting wildfire888
yes my country is canada.

since its tax season im just afraid that the taxman might come claiming to pay 6000 for a liquidated account.
Income taxes are only taken on just that, income (gains), not losses. If anything you are in for a rebate.
To be one with the market, you must first be one with yourself.
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