ik ik everyone says wait until your 18! i completely understand but im not waiting. i understand its alot and i dont know everything, anyway to the point so when i open an broker account under my parents name with consent or they open it… how do taxes work with forex will it be in there name? or will i not have to worry about paying taxes or if i dont make over so much its not worth worrying about someone pls explain TY! (yes ik it’s different in each state regarding terms and conditions) i just want a outlook.
that is why you should speak with a financial specialist in your state
Anyway with a big chunk in his account should have a financial adviser who will the math for you.
Depends where you live in the UK trading is regarded a gambling so any gains are tax free, this is the law at present whether it changes in the future remains to be seen.
If trading is taxable in your country and you’ve opened an account under your parent’s name then, it is natural, that your parents are the ones who will be taxed as your name is not being legally used anywhere.
Hi @ashleyX2 - I answered your query on another thread but it seems in character that, as you didn’t like the answer you got, you have decided to ask some other people.
In this case, its proposed that trading success will be built on cheating and potentially committing a criminal offence. If this seems a good idea to you and your parents, you should go for it.
@tommor hi, i kept the thread up there and several people replied new to this app so im still learning, as a matter of fact im thankful for you and everyone else trying to help me and other people gave me other answers too, no im not trying to do anything illegal seems there’s always ways around some things with the proper education and information. THANK YOU