I've been trading on my forex demo for around 9 months regularly, im doing well enough and have confidence in my ability and I plan on going live November 1st. Just in time for the election to eff everything up regardless of who wins. Anyway is forex taxed as capital gains or something else? I make more than the 78k in my main job so I don't think I'll have 0% capital gains tax, so im thinking it'll be like 15% but honestly... I have no idea. Am I thinking about it correctly?
Hey guys, I'm a new forex trader in Ontario Canada. Over here your gains are treated as income and are taxed as self-employment income. Are there any ways to reduce taxes other than writing off business expenses? Also, are you able to write off things like food expenses? Thanks a lot. EDIT: I thought this didn't have to be mentioned, but I'm looking for LEGAL ways to reduce taxes, lol.
Hello BEFire people, Looking how I now have a bit of time on my hands and some money I don't mind loosing on the short term, I would like to start dabbling into Forex trading. Lost of great resources exist for you to start with a demo account and learn how this type of market work but the question isn't here. As any investor know most of the money you make can be lost through the complex process of Belgian taxation. Which is why I am addressing you in the first place. After a bit of research, i found really conflicting legislation on the subject. On one side, the FSMA has banned the trading of CFD (contract for differences) and Forex instruments by Belgian brokers. (https://www.fsma.be/en/faq/fsma-regulation-governing-distribution-certain-derivative-financial-instruments-binary-options-0) Leaving little room for private investors to do anything. On the other, I didn't read anything about passing through an offshore broker. Diving deeper in the taxes aspect of it, I suspect this would be taxed as a "professional salary" due to the repetitive nature of the operation and would there account for for a complementary salary more than anything else. If it is the case, this would mean it would follow the following table: from 0 to 8 350 euros ..............................................25 % from 8 350 to 11 890 euros ....................................30 % from 11 890 to 19 810 euros ..................................40 % from 19 810 to 36 300 euros ..................................45 % over 36 300 euros ..........................................50 % Mind that these numbers date from 2015 and might not be up to date anymore. This would means that if you want to double your capital by trading Forex you would nearly have to triple it before taxes. Has anyone here ever dealt with Forex trading and could confirm my understanding on (1)the possibility to trade Forex through offshore broker and (2)the way Belgian taxes are computed for this type of trading is correct ?
I have been trading on the practice account on the trading 212 app. It has got me interested and I was wondering how taxing would work I haven’t found a real answer yet. I would only be trading on the forex as I have found it to have the best turn around.
I am a full-time foreign student (a tax resident) in Poland. I do not have a job, and the only source of my income is Forex trading, which is basically converting the currency (transferring from one of my accounts to another) within the same Polish bank. Presuming it is taxable income, how much of it need to be paid as tax and how would I go about paying it? I have read a bit about PIT-11 form which is usually provided by an employer, but in my case I'm likely considered to be "self-employed".
How do we get taxed in US Market, Crypto, Forex (using eToro etc.) gains?
Hello! im a medical student who recently started investing in stocks. I currently have about 500k+ to invest but only invested 50k so far in eToro and a few thousand pesos in FMSec just to try things out. I just got my own TIN number for the purpose of stock market investing, as it is a requirement, so I have little knowlege as to how taxation works. As im starting to earn, im wondering about the tax arrangements. I havent found clear information about this after searching. Can someone please help me out. Do I have to pay taxes everytime I close a trade or just when I transfer my gains back to my bank account? Do I have to submit forms and other requirements to BIR? Sorry im new to this. Any help would be much appreciated :)
If I'm unemployed and I profit more than £12,500 a year (tax-free allowance) trading Forex, will I have to pay income tax on all profits above £12,500?
Also, when do I declare it as income? Does it count as income when my Forex account balance increases, or when I actually withdraw the funds into my bank account? So lets say that I gain £20,000 this year trading Forex, but this stays in my Forex account (I don't withdraw any money into my bank account). Will I have to declare it as income and pay taxes on it? Or is that only if I withdraw the profits into my bank account? (by the way, I am spread betting, therefore there is no stamp duty or capital gains tax).
i am looking for a guide to inform me on the ins and outs of filing taxes for forex, repercussions of using 1:1000 leverage, trading limits per day etc. basically i want to know all the rules of what you can and cannot do
How much do you have to make to file for taxes on Forex income?
do you have to just make less than what your state requires for taxing? So let's say I made 2k trading but my state says I don't have to file taxes unless I make 3k or more, then do I not have to file?
When trading CFDs (Forex) as your main source of income, do you just pay income tax or do you have to also pay CGT?
When trading Forex CFDs as your second source of income, you will have to pay CGT. When trading CFDs as your main source of income, you will have to pay income tax. My question is: do you also have to pay CGT along with the income tax, or is it just income tax by itself?
I'm a newbie still learning the in's and out's of Forex. Just curious on how Forex traders are taxed. I'm assuming you get a tax form from your broker that says your net profit then the IRS taxes you a some percent. Can someone fill in the details on how it all works. Thanks Forex community! Edit: I live in the US
Hi everyone, I’ve been trading for about a year now now and I’ve made around £12k from currency trading on a CFD platform icmarkets, I’ve tried to look into how tax works but honestly its all mixed up information. Forex isn’t my main income I work full time and earn around £32k a year, if I was to withdraw some of these profits would I have to declare them to pay capital gains tax or not bother declaring it? Thanks drop me me message is anything else Is needed
Due to Covid-19, I have got an abundant loss while trading forex in Japan during the last two months which doesn't seem to be recoverable. I am wondering if I can get a deduction on my tax for these losses. Has anyone information about this situation?
It's a lot harder to make money in forex if you pay your taxes
In 2016 I made ~3000 USD trading with Oanda and correctly guessing the outcome of the brexit referendum. I did my taxes through HR block that year, and it took a bit to figure out how to report my earnings through forex trading. The accountant told me in fact she'd never heard of anyone doing this before. Forex brokers are not required to report client earnings to the IRS, unlike companies that fall under the legal definition of a broker
OANDA does not report taxes on behalf of our clients, and as a result we do not provide any tax forms relating to profit/loss on your account (e.g. 1099-B form). The information you would need to complete your tax reporting can be found on your annual account statement, which you can download from your My Account page by clicking on 'View account statements'. Information about other types of tax form OANDA does provide can be found below.
However, this should be obvious, (EDIT: if you're subject to US taxes) you have a legal obligation to pay income taxes on any money you earn through forex, unless you have a lawyer or accountant who says otherwise (for instance because you're trading on behalf of a company etc). Of course with forex trading, there is money lost on the spread, but the money lost in taxes in years where you win is much greater. Forex earnings are income taxes so while it is true that you can deduct losses in years where you lose significant money there's a major issue, the standard deduction. With the standard deduction recently increased, most middle class tax payers will want to select it. But selecting the standard deduction means you can't deduct forex trading losses from that year. This is something people don't pay enough thought to when they plan on doing forex trading. So I just wanted to let people know that there's a force far greater than the spread that you need to contend with. tl;dr growing up, is awfuller, than all the awful things that ever were
Hi All, How would taxes be calculated for a FOREX Daytrading account? I'm not speaking on exchanging actual money (say 1000 USD to CAD). I'm talking about using a leverages forex account to open and close positions to make a profit (or loss). Thanks in advanced!
Forex: Taxed as Futures or Cash? Currency traders involved in the forex spot (cash) market with a US brokerage firm, can choose to be taxed under the same tax rules as regular commodities [IRC (Internal Revenue Code) Section 1256 contracts] or under the special rules of IRC Section 988 (Treatment of Certain Foreign Currency Transactions). Aspiring forex traders might want to consider tax implications before getting started. Forex futures and options are 1256 contracts and taxed using the 60/40 rule, with 60% of gains or losses ... Forex Taxes in Japan. In Japan, traders pay a 20% tax on foreign exchange and stock trading income, with changes in regulation coming from the cryptocurrency market. Trading financial markets are very popular in Japan, and Forex, in particular, is well-spread on the island. Forex traders in the US who trade with a US broker have two options available to file their taxes. The two sections of the tax code relevant to US traders are Section 988 and Section 1256. Both sections were initially applied to forward contracts, but nowadays they’re also relevant to retail Forex traders. A crucial consideration in forex taxation is the difference between long-term and short-term capital gains, as defined by the IRS. In general, long-term gains are those realized on investments held longer than a year; you take short-term gains (or losses) on investments that you hold for less than a year.
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