Archive for the ‘United States’ Category
how can i pay my taxes if i have busnies on the internet like foreX trading. or amazon store i have on my web site www.dove4.com they dont do it for us they always tell us to ask some one who has experience in doing taxes papers (foreX trading)please help me with that i dont know anything about taxes and i dont wana to get in trouble is there any one can help me with that?
German Hanscom
If I make loss in stocks; I can adjust upto 3000 USD with my salary. Can I do the same if I make loss in FOREX trading ?
When I tried searching on internet about it; it looks bit complex.. treating FOREX Futures and spot differently.
I am here trading only in FOREX Spot. http://www.greencompany.com/EducationCenter/ForexTradingExpoVegas2006GreenWorkshop.pdf
link says there is no limit on the spot losses I can adjust !
On internet it talks about 60/40 . what is that ? Is that only 60% of profits/loss can be considered ?
Patricia Noke
I made 1k in realized gains and $500 in carry over interest off all my forex trading in 2009. In a seperate issue, i also made $7000 in labor and how would i report it on turbo tax.
I also made 10k in gifts from folks. Is there a section in turbo tax for that as well?
Gifts that are cash i should say.
Madeleine Letendre
If a trading account with a forex broker is a joint account between Jack & Jill, how should tax be paid on the gains from trading? Is it
A) Jack pay tax on 50% of the gain and Jill pay tax on the other 50%
B) Either Jack or Jill pays tax on 100% of the gain ( the other party pays none at all)
If answer is non of the above, what would be the way to go about it according to US tax law? Thanks.
Taxlady answered that if Jack puts in 75% of the money in than, he pays tax on 75% of the gains (and Jill 25%). But what if Jack puts in 100%, does this means he pays taxes on all gains while Jill pays nothing?
Alex
Hi, I experimented with Forex (Foreign Exchange) trading last year. I started with $200.00 and at the end of the year I had $40.55 in my forex trading account. My $40.55 is still sitting with the broker (FXCM). I am wondering if I have to report this on my taxes? I know that stock brokers send you 1099 but I have not received anything from Forex Broker. Since I did not make any money, do I need to report this? Is this amount significant? Does IRS care about this kind of trading profit/losses?
I usually do my own taxes but I am thinking of going to an accountant just because of forex trading but I am afraid that I will end up paying alot of fee for tax filing when maybe I can just file the taxes myself. Please suggest!
Lelah Meservey
Hi, I just opened a Forex trading account and am wondering how the tax is paid if I happen to win money. The representative of my broker says
‘We do not report to the IRS or any other government agency. How you are taxed/pay your taxes on gains is between you and your tax professional.
If you trade and make $1,000 you can withdraw the full $1,000. We never draw down on any customer funds for taxes.’
But I’m not sure how it works exactly. Would you please enlighten me on this subject? Thanks a lot.
Jacquelyne Sevillano
My husband trades using Forex. We need to pay taxes each year on what we take from the forex account, but we don’t know how to do what we need to do. We really don’t want to be audited and want to make sure we are doing it right. What forms do we fill out, and what do we print off of Forex, if anything?
Beth
At U.S. Tax time in Forex trading, do you pay taxes on the active account balance or withdrawals? It seems crippling to tax working investment capital. I have not taken out any funds, except for commissions, as I am slowly growing the account. But even under 1256, that can lead up to a big chunk of cash that one would have to withdrawal just to payoff the IRS thus setting me back on the growth. Your answer would be greatly appreciated. Thank you.
Andre Alarid
If so how?
Do you need to pay taxes annualy based on gains and losses according to your account balance, or do you only pay taxes on gains when you withdraw the money from the account?
Cara Larose
How much could you claim? if you can’t claim the whole losses could it be carryon to next future years until Zero. Thanks
Emelina Baldelli