Is it likely that FSA will follow NFA in the near future?
Dislikedusing foreign brokers....
if at anytime during a calender year your account balance is greater than US$ 10,000 you will need to file a TD F 90-22.1 form "report of foreign bank and financia accounts"..... by June 30 the following year....notifying the US Treasury of it's existence.......to avoid potential criminal liability....Ignored
DislikedOk, I'm w/ IBFX. I only open one postion on a pair at a time. I don't open another position on that pair until the first one has closed.
Does this mean that ANY position I open, I won't be able to put in Stop Loss and Take Profit targets?Ignored
Disliked...Some brokers may be completely removing stop losses and take profits ...Ignored
DislikedJason, and others,
I posted the following questions a few days back but am hoping for more responses.
Does anyone know what the tax consequences are if a U.S. citizen opens up a U.K. FX account?
Would I have to pay U.K. taxes, or file any U.K. tax forms?
Would I just pay regular U.S. taxes the same as with a U.S. broker?
Would I get the appropriate forms from a U.K. broker that I would file with my U.S. return?
Does having an off-shore account increase the probability to be audited?
Does it complicate the filing of U.S. taxes (or...Ignored
DislikedBaloney, any broker who does this will go out of business by the end of the day it's implemented.
It just means you have to set separate orders for stop and take profit levels (3 orders instead of one).
Stocks/CFD's have been like this for as long as I have been trading, so it's nothing new. Just a bit less convenient.Ignored
DislikedUnlikely, if brokers thought the same thing was going to happen there, why the efforts to move clients to UK???Ignored
DislikedAre you for real?
Just FYI, Darling has given some new power to the FSA to overhaul financial regulations...so I wouldn't be surprised if the insanity has spread across the pond...Ignored
DislikedEveryone has an opinion, mine is that this is one of the first steps to get this market in line with the stock market in the US for IRS reporting procedures. Easier for them to understand, a mess for everyone who has to file. Lazy accountants will hate, the industrious accountant will love it.
Anyone who as day traded stocks and then had to send the paperwork to the IRS at tax time knows what I am referring to. It should help the post office too, lol, that is a lot of paper work to send through the mail.
I would like to think it wouldn't come...Ignored
DislikedI don't think any broker will give you tax advice, other than to say that they will not file any document with the govt. if that is their practice, for spot forex transactions, some do and some don't, regarding your trades, which is a 1099-B, for bartering transactions, and that it's up to you to comply with tax requirements not them. FXCM US does not file a 1099-B, not sure if it is the same in UK. Alpari US does file a form 1099-B with the IRS reporting bartering transactions, not sure what Alpari UK does. All brokers will tell you...Ignored
DislikedIt sounds like you've heard my response before about not being able to give tax advice .
FXCM UK follows the same tax policy as FXCM US, no documents are sent out end of year. And you're right, some brokers do send tax documents at the end of the year and some don't, so please don't automatically apply FXCM's policy to your broker. Make sure to double check.
The closest thing I have found to tax advice for US residents trading with an overseas broker is this http://www.greencompany.com/Educatio...lTraderTax.pdf ....Ignored