This is my first time for paying income tax on ForEx, being a US citizen i believe i have to pay tax on forex income, but i have no clue what do i have to do for that. Thanks for your help.
Financial Sector Learning
This is my first time for paying income tax on ForEx, being a US citizen i believe i have to pay tax on forex income, but i have no clue what do i have to do for that. Thanks for your help.
Normally you need to file them as capital gains or losses (like you would with stocks or options).
But you can make a special election that will allow you to split them as 60% long terms capital gains and 40% regular income, which is advantageous for tax purposes since long term capital gains rates are lower.
http://www.onlineforextrading.com/learn-trading/forex-taxes
http://www.e-bookreaders.biz/business/top-3-forex-robot-revie/
You should have received a 1099 from your broker. It’ll show your capital gains or losses. When in doubt, ask an accountant or other tax professionals.