Always remember anyone can post on the MSE forums, so it can be very different from our opinion. Last edited by chewmylegoff; at 2: As a trader it is your responsibility to educate yourself on the legality of your activities. This is a summary statement of the results and cash position in your trading account for the entire year. Is income from forex trading taxable in India?
In a market where profits – and losses – can be realized in the blink of an eye, many investors just want to "try their hand" before thinking long-term. While forex can be a confusing field to master, filing taxes in the U.S. for your profit/loss ratio can be reminiscent of the Wild West.
Planning Your Tax Return
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The tax treatment of your Forex trading depends on what kind of trading you do. If you trade options and futures on currencies, you may elect taxation under Section of the IRS code. Section taxation allows you to take 60 percent of your profits as long-term capital gains and 40 percent as short-term gains. This is the most common way that forex traders file forex profits. Under this tax treatment, 60% of total capital gains are taxed at 15% and the remaining 40% of total capital gains are taxed at your current income tax bracket, which could currently be as high as 35%. Dec 10, · if your main income is derived from spread-betting then HMRC may consider you to be a self employed day trader and your net profits from spread-betting over the course of the tax year would be subject to income tax (not CGT).