Hi, I would like to know how we are taxed for having Forex accounts. Maybe some of you guys that are doing this for real can explain it for us. All replies are welcomed.
This is a tax attorney question.
When you make money, get a tax attorney.
All is good.
You need a qualified person to answer this as the previous poster mentioned. But rest assured Uncle Sam will tax you on any earnings for investment gains. I am not sure how it goes for losses but I’ve heard stories that professional gamblers actually can write them off. Not sure if 1. that’s even true or 2. if it relates to trading. As previously mentioned I am not qualified to give you legal advice on this matter and you need to ask someone with the proper credentials.
You are not taxed for having forex accounts, you are taxed based on trading forex. If you are not trading, then you won’t be taxed. However, I don’t seem to understand why you are curious about this. If you don’t want to be taxed, I guess you should trade with offshore brokers.