My question is how do you claim taxes on forex profits? Specifically for a US trader with an offshore broker like LMFX. Do we file taxes just like capital gains? Are there any tips to file a certain way to get a better rate? I figured Jason might have insight to share and any other US traders that have filed before I'm curious.
2017 has been my first consistently profitable trading year and obviously hoping for it to continue and get more gains. But I want to make sure I have a certain amount set aside for taxes, and am just curious of what to expect even though it's a long ways off. In my wildest dreams of making a full time income off forex trading, how would I go about filing taxes for profits?
Insights appreciated, thank you in advance!
2017 has been my first consistently profitable trading year and obviously hoping for it to continue and get more gains. But I want to make sure I have a certain amount set aside for taxes, and am just curious of what to expect even though it's a long ways off. In my wildest dreams of making a full time income off forex trading, how would I go about filing taxes for profits?
Insights appreciated, thank you in advance!
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