Does anyone know how taxing on forex works? Say for instance in a year I make $400,000 net profit. How much of that am I going to be able to keep?
First make the money then hire an accountant and tax attorney.
Why would you need an accountant and tax attorney if you haven’t made the money?
The Group that handles my stuff says, “You make and spend the money and we will take care of the rest”.
There is a 60/40 split in the way forex gains are taxed, 60% is taxed at a short term capital gain rate and 40% is taxed at the short term capital gain rate (or the other way around, honestly i was more focused on my tax teacher than the tax book, she was smokin’!!!)
Do a quick search on yahoo or google for forex taxation, and you should find the specifics, or do one better like pipgod said and let a tax guy (who paid attention in class) do it for you…
…let a tax guy (who paid attention in class) do it for you…
I didn’t even take the class.