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Income Tax on Forex Profits?

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  • Income Tax on Forex Profits?

    Hi Guys, just wondered if anyone know the situation re Income Tax Payments on any profits from Forex Trading. Cheers Paul

  • #2
    Get an end of year statement from your broker, and take it to the person who does your taxes. They should know what to do. Good luck.

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    • #3
      sorry, I can't answer your question. but allow me to take part in this discussion.

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      • #4
        That depends on country. Some countries taxes only funds that you receive on your bank account, while others may require you to take a statement from your broker (for example germany). Also, you should be registered as self-employed.

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        • #5
          The topic of taxation in our field is very interesting, but as far as I know, it is valid only in some countries, and most traders just do this business without any taxes and other additional payments. I don't know if it's right or not, but really the whole question is hidden in the fact that in this business a really small percentage of traders make a profit, and even more so in a stable way. And it's quite difficult to understand exactly how taxes should be regulated and how people should act in this situation. It also seems to me that today it makes no sense at all, because it will only lead to a loss of interest in this business and in this case only large participants will remain on the market, for whom taxes are not a big problem.

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          • #6
            Of course, I'm not going to say the smartest and right things now, but it seems to me that today this business should not be taxed because in many countries there are no clear laws and regulations that govern the relationship between traders and the company, between traders and the country, and it is because of this that when traders find themselves in a difficult situation or accidentally contact with fraudulent companies, they actually have no protection. And this is really a big problem. And that is why I think it is unfair and unfair to take taxes for unregulated activities. It looks illogical and it seems to me that 95% of traders are not ready to give up a part of their miserable profits at all.

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            • #7
              Every country has its own taxation rules. The best approach to your question would be to consult with your accountant or tax advisor. It might also depend on your residency, so it is better to check with people familiar with this topic in your country

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              • #8
                It doesn't hurt to consult with your tax prep person. I believe I've seen books on this in the past... and I use the tax software so I'll assume it walks you through the process. I'm new and trading on a demo account so for now, it's not taxable but I certainly hope that it is next year.

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