How do you pay taxes on a foreign forex account?

Sat, Jun 11, 2011

Question by John Lemski: How do you pay taxes on a foreign foreign exchange account?
I have a foreign exchange account but the brokerage is in an additional country. Do I shell out taxes or what? And if I do how do I go about performing that?

Very best reply:

Solution by the tax lady
US citizens and resident aliens shell out tax on throughout the world icnome, so of training course you do.

Until this is classified as a 1256 agreement, you report it on line 21, other revenue. 1256 goes to type 6781.

And, if the account had a lot more than $ 10,000 in it at *any* time in the course of 2009, never overlook to file form TDF 90-22.1

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2 Comments For This Post

OKBusinessGroup@ Says:
June 11th, 2011 at 8:23 am
I asked the same question a few months back in relation to the W-9 Declaration and someone kindly pointed out that you don’t need too.

I have been following this system to the letter now and all is good http://www.forex4pros.co.uk/forex-articles/90-top-tax-tip-forex-trading-from-the-usa-and-avoiding-a-w-9-taxation-form.html
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