Is spreadbetting taxed in the US?

Im in the UK currently and spread bet. If i move to the US and do it there, are my profits taxed?

everything is taxed here in the US ahahah! So to answer your question, probably.

Spreadbetting is technically gambling as you don’t own anything when you place an order. It’s just a wager placed with the spreadbetting operator - hence the tax free status in the UK and Ireland where your profits from gambling are 100% tax free (for now).

I’d think that this sort of technical gambling would be illegal in the US? I’m not fully sure of US laws in this area but I remember reading a couple of years ago how sites like Paddy Power Poker had to block US citizens from playing online.

yep, most brokers ive seen specifically say that you cannot have an account as a US resident.

no surprise, seeing as though US have banned online gambling.

:frowning: I might have to move to the traditional route of trading then

yeah looks like it.

Do you have to go to US?

Ive always wanted to move over there for a bit from the UK.

Oh ok. Reason being? If you don’t mind me asking.

I don’t believe you can go to the USA and continue to spreadbet; both cfds and spread betting are illegal there. But definitely your profits would be taxed then - you might do to consider futures/options if you’re moving to the states.

regards,

Andy