Query by aa: How do I spend earnings tax on Fx earnings?
This is my 1st time for paying revenue tax on Forex, currently being a US citizen i think i have to spend tax on fx earnings, but i have no clue what do i have to do for that. Thanks for your aid.
Greatest reply:
Answer by tyler
Usually you need to file them as capital gains or losses (like you would with stocks or possibilities).
But you can make a specific election that will allow you to split them as sixty% lengthy conditions capital gains and 40% standard earnings, which is beneficial for tax purposes since extended term money gains rates are lower.
http://www.onlineforextrading.com/find out-buying and selling/fx-taxes
Know much better? Depart your individual reply in the feedback!
May 16th, 2011 at 9:16 am
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May 16th, 2011 at 10:04 am
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.