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Forex Taxes

  • #21
  • Aug 28, 2005 8:06am Aug 28, 2005 8:06am
Quoting aolsucks
I was just wondering when do people have to pay taxes for forex, is it each year or is it when you start to take money out of forex. Because I know most of the forex sites make you fill out a w-9 forum. Thankyou for any help in advance
try setting up a i.b.c. in the bahamas and all your tax worries should be over.
If I Go Broke Trying Then I Will die happy.
  • #22
  • Aug 28, 2005 4:03pm Aug 28, 2005 4:03pm
Quoting Moe
try setting up a i.b.c. in the bahamas and all your tax worries should be over.
If you are doing that just to avoid tax it no longer works for US citizens. The bahamas fell to the OECD several years ago. Still works or asset protection though.

FT
  • #23
  • Aug 30, 2005 4:39pm Aug 30, 2005 4:39pm
These guys have all the answers to traders tax questions:
www.tradersaccounting.com
  • #24
  • Sep 14, 2005 8:54am Sep 14, 2005 8:54am
Can somebody explain how taxes work with forex trading? I have traded stocks for years and at the end of the year I receive a 1099 from Ameritrade (or my other brokers) and I'm all set.

Will I receive a 1099 from my forex broker?
  • #25
  • Sep 14, 2005 11:14am Sep 14, 2005 11:14am
I have not had the happiness of money withdrawal yet or I would tell you
kiss the trend
  • #26
  • Sep 14, 2005 5:43pm Sep 14, 2005 5:43pm
see this thread...

http://www.forexfactory.com/forexfor...ighlight=taxes
Relax and be happy.
  • #27
  • Sep 14, 2005 6:04pm Sep 14, 2005 6:04pm
Luckily i am from Malaysia
  • #28
  • Sep 15, 2005 6:50am Sep 15, 2005 6:50am
Thanks I'll check that link out.
  • #29
  • Sep 15, 2005 10:04am Sep 15, 2005 10:04am
Good links. Looks like I have a lot reading to do.

Are you still limited to only $3,000 capital loses a year with forex?
  • #30
  • Sep 15, 2005 3:30pm Sep 15, 2005 3:30pm
Quoting fx-trader777
I have not had the happiness of money withdrawal yet or I would tell you
dude you crack me up!!
Relax and be happy.
  • #31
  • Oct 9, 2005 6:31am Oct 9, 2005 6:31am
What about EU citizens? and what about EU citizens living outside the EU borders?

Man this tax business always confuses me.
  • #32
  • Oct 18, 2005 10:58pm Oct 18, 2005 10:58pm
can someone sum this up for me in a nutshell (I too need a better tax undestanding)


If I profit only $100 what do I pay uncle sam

again at $1,000,000 just incase the more you make the more you pay...



Thanks guys, if I Make it big here I'll buy you all little pinwheels to stick on your cars antenna's LOL.....



Mike...
***Building an EMPIRE one pip at a time***
  • #33
  • Edited Aug 28, 2007 4:36pm Oct 27, 2005 4:30am | Edited Aug 28, 2007 4:36pm
HI, I am obivously newbie,
I am just wondering if anyone can help with a tax question related to forex,
If you say start with $1000 and you build that to $10,000 , and just leave it in the forex trading account say with fxcm or someone, do you have to pay tax on that money while you are still trading it up and down, i wouldn't think you would. But on the other hand if you request say 5000 of it to your bank account, i imagine that is where it is counted as a profit and you must then pay income tax on it. Are these two examples true?
  • #34
  • Oct 27, 2005 4:34am Oct 27, 2005 4:34am
This might depend on which jurisdiction you pay tax. Not all countries have the same rule.
  • #35
  • Edited Aug 28, 2007 4:37pm Oct 27, 2005 4:48am | Edited Aug 28, 2007 4:37pm
Quoting stricko108
HI, I am obivously newbie,
I am just wondering if anyone can help with a tax question related to forex,
If you say start with $1000 and you build that to $10,000 , and just leave it in the forex trading account say with fxcm or someone, do you have to pay tax on that money while you are still trading it up and down, i wouldn't think you would. But on the other hand if you request say 5000 of it to your bank account, i imagine that is where it is counted as a profit and you must then pay income tax on it. Are these two examples true?
Maybe you could instant message with FXCM and see what they say, or check the website(s) of tax service companies like H&R Block. I would think it would fall under "capitol gains." Do a search on taxes here at the factory, I'm sure there is a thread buried here somewhere.
Because helping each other is a good thing.
  • #36
  • Edited Aug 28, 2007 4:36pm Oct 27, 2005 6:46am | Edited Aug 28, 2007 4:36pm
I asked fxcm about what they report to the irs, they said they don't report anything about there traders unless the irs is investigating someone, so if that is true, then i could start a $1000 account trade it to $10,000 and as long as i don't request the money from fxcm, and just trade it, then i don't have to pay tax on it, until i request some or all of it to my bank account.

Comments appreciated

thanks
  • #37
  • Oct 27, 2005 7:55am Oct 27, 2005 7:55am
If you are US citizen, these folks are the best resource for traders. Also his book, The Tax Guide for Traders is worth every penny.

http://www.greencompany.com/

Good luck.
  • #38
  • Edited Aug 28, 2007 4:37pm Oct 27, 2005 8:13am | Edited Aug 28, 2007 4:37pm
Quoting stricko108
I asked fxcm about what they report to the irs, they said they don't report anything about there traders unless the irs is investigating someone, so if that is true, then i could start a $1000 account trade it to $10,000 and as long as i don't request the money from fxcm, and just trade it, then i don't have to pay tax on it, until i request some or all of it to my bank account.

Comments appreciated

I believe that you have to pay taxes on your $9000 profit no matter if you withdrew it to your bank or not. Otherwise let's say you were trading for 5 years & then you decided to withdraw all your profits & pay the taxes. So you defered paying taxes on your profits for 5 years, right. Meanwhile probably earning interest on your cash. No government would like that. The best way for you would be to talk to your tax adviser.
  • #39
  • Edited Aug 28, 2007 4:37pm Oct 27, 2005 9:14am | Edited Aug 28, 2007 4:37pm
lucky are the people in UK. i have heard there are no taxes on stock or forex gains and even on lottery. no wonder london is most liquid of all cause everyone playin forex...and savin so much tax.



Quoting stricko108
HI, I am obivously newbie,
I am just wondering if anyone can help with a tax question related to forex,
If you say start with $1000 and you build that to $10,000 , and just leave it in the forex trading account say with fxcm or someone, do you have to pay tax on that money while you are still trading it up and down, i wouldn't think you would. But on the other hand if you request say 5000 of it to your bank account, i imagine that is where it is counted as a profit and you must then pay income tax on it. Are these two examples true?
and i grow...pip by pip.......pip by pip!!!!
  • #40
  • Oct 27, 2005 10:27am Oct 27, 2005 10:27am
Check out the following thread and look at comment number 4 by Merlin:
http://www.forexfactory.com/forexfor...ead.php?t=2607

Hope it helps and Happy Trading.
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