Greetings everyone,
A simple question:
Why is it only in the United States that we have to pay taxes on our Forex winnings?
umm simple answer?
its not only in the US, we have to pay it here in Fiji as well, to the tune of 31%:mad: (and possibly needs to be paid in many other countries)
If someone can confirm a good country where tax from forex earings does not have to be paid (legally), please let me know so I can make travel plans.
Forex winnings are considered capital gains, just as they are in the stock and futures market. It’s income, thus you get taxed on it.
Here is something I received in am email (newsletter), I am not sure of the accuracy or legality of the statement because I am not in the US. I present the relevant statement here for information purposes only and those of you in the us can look up more details.
Also I am not sure if it applies to forex or just stocks and options
If you�re like many investors and traders, you find that an IRA is the perfect vehicle for trading stocks and options. You defer taxes and keep more in your account.
Most standard IRAs do now permit forex trading, but there are options in the self-directed IRA area.