Question by costa man: do I have to pay taxes on money I made off trading foreign currency? If I trade foreign currency (not from a business) do I have to claim it on my taxes even though it is deposited into my bank account? Best answer: Answer by markIf you ask the IRS that question, they would say yes but personally, I think that would be a bit over the top. Of course, my answer is based upon the premise that you traveled abroad and profited on the exchange rate when returning (and not acting as a day trader looking to play the currency exchange) Unless your profits are in the hundreds of dollars, I would skip claiming it. —-edit— lol two thumbs down and I would…. Click Here to Read More
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Posts Tagged ‘taxes’
What place or country is best to trade forex, sorted by the lesser taxes you pay?
November 15th, 2011 
kk Question by new member: What place or country is best to trade forex, sorted by the lesser taxes you pay? Which country or region taxation, is the best for forex traders? Best answer: Answer by MarcThymeTaxes are owed on earnings both in the nations whose currencies you trade and in the country you have a Taxpayer ID in…. Know better? Leave your own answer in the…. Click Here to Read More
Posted in Forex Discussions 
Tags: best, country, Forex, Lesser, place, sorted, taxes, Trade 
4 Comments »
Q&A: I need someones judgment on currency trading taxes in the United States?
September 29th, 2011 kk Question by college student: I need someones judgment on currency trading taxes in the United States? I have traded. Made profits and losses. My concern is what is taxed, the final outcome of my account (tax net profit?) or all the times I have profited at each trade. Do not know how these taxes work and need an internet source to look it up. Regards. Best answer: Answer by gmaIRS has web site. Then booklets for specific subjects you can order, no charge. Know better? Leave your own answer in the…. Click Here to Read More
Posted in Forex Discussions Tags: Currency, judgment, need, someones, States, taxes, trading, United No Comments »
Q&A: If I make income trading currency on the foreign exchange, must I report this on my federal taxes?
July 8th, 2011 kk 
by Tradingrichmom Question by Alex L: If I make income trading currency on the foreign exchange, must I report this on my federal taxes? I want to start trading currency on the foreign exchange but am not sure if I would need to report my returns as income on my federal income tax return. If I do need to report it, how so? Best answer: Answer by hrblockchristinewYes you are supoposed to claim any income tha tyou receive on your taxes. This advice was prepared based on our understanding of the tax law in effect at the time it was written as sit applies to the facts that you have provided….. Click Here to Read More
Posted in Forex Discussions Tags: Currency, exchange, federal, foreign, income, Must, Report, taxes, this, trading 2 Comments »
How I Made Over $6 Million In The Stock Market – After taxes
August 19th, 2010 kk Read the report where a real life stock trader has turned a $250,000 account into over $6 Million in the stock market in 6 years, after deducting taxes (his real gains are nearly $20 million). How I Made Over $6 Million In The Stock Market – After…. Click Here to Read More
Posted in Forex Interesting Offers Tags: after, Made, market, million, Over, Stock, taxes No Comments »How do i pay my forex taxes on turbo tax?
July 25th, 2010 kk I made 1k in realized gains and $500 in carry over interest off all my forex trading in 2009. In a seperate issue, i also made $7000 in labor and how would i report it on turbo tax. I also made 10k in gifts from folks. Is there a section in turbo tax for that as well? Gifts that are cash i should…. Click Here to Read More
normally how much do forex traders pay in taxes?
May 31st, 2010 kk i know every one pays a different amount of capital gains tax. i know that in the U.S. traders usually pay between 20-30% of of their profits. what about forex…. Click Here to Read More
How do you pay taxes on a foreign forex account?
March 22nd, 2010 kk I have a forex account but the brokerage is in another country. Do I pay taxes or what? And if I do how do I go about doing…. Click Here to Read More
