tax for forex trading?
Saturday, May 31, 2014
, Posted by Ryanita at 9:57 PM
Java
I wish to know about tax for forex trading in USA. Do I need to pay tax if I gain profit from forex trading? what if I lose in forex trading? will government pay me? let's say I gain profit US$ 1000 and the tax is 10%, so I pay US$ 100. but what if I lose US$ 1000, will government pay me 10% also --> US$ 100 paid to me? thanks.
Answer
The government will never pay any amounts until you at first pay some advance estimated tax payment amounts quarterly during the tax year for this purpose and then after the end of the tax year and when you correctly complete your 1040 income tax return and your estimated tax payment amounts are credited on your 1040 income tax return and if that credit amount is MORE than your tax liability is at time during the tax filing season you MIGHT be able to qualify for a REFUND amount of some are all of your estimated tax payments that you did make during the tax year Good Luck.
No, No, and again No. You really do have and need to study and learn a lot about this forex trading at this time in your and how you will have report the transactions on your 1040 income tax return using the consolidated 1099 forms that will make up your statement that you will receive after the end of the tax year during the 2013 tax filing season and 1 of the several 1099s included will be a 1099-B and this 1099-B will have your separate trades listed on it and you will have to use that information to correctly report your transaction on the IRS forms 8949 and then on to the schedule D for this purpose during the 2013 tax filing season for the 2012 tax year income tax return for this purpose.
Specific Instructions for your broker or payee of the proceeds to use to fill out the 1099-B to be sent to you
A broker or barter exchange must file Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, for each person:
For whom the broker has sold (including short sales) stocks, bonds, commodities, regulated futures contracts, foreign currency contracts (pursuant to a forward contract or regulated futures contract), forward contracts, debt instruments, etc., for cash,
Who received cash, stock, or other property from a corporation that the broker knows or has reason to know has had its stock acquired in an acquisition of control or had a substantial change in capital structure reportable on Form 8806, or
Who exchanged property or services through a barter exchange.
Forex Taxation Basics Aug 17, 2012 ... Trading forex can make for a confusing time organizing your taxes.
While trading 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. Here is a break down of what you should know.
Read more: http://www.investopedia.com/articles/forex/09/forex-taxation
basics.asp#ixzz257qYSFIE
http://www.investopedia.com/articles/forex/09/forex-taxation-basics.asp#axzz257qLuRlv
Hope that you find the above enclosed information useful. 08/31/2012
The government will never pay any amounts until you at first pay some advance estimated tax payment amounts quarterly during the tax year for this purpose and then after the end of the tax year and when you correctly complete your 1040 income tax return and your estimated tax payment amounts are credited on your 1040 income tax return and if that credit amount is MORE than your tax liability is at time during the tax filing season you MIGHT be able to qualify for a REFUND amount of some are all of your estimated tax payments that you did make during the tax year Good Luck.
No, No, and again No. You really do have and need to study and learn a lot about this forex trading at this time in your and how you will have report the transactions on your 1040 income tax return using the consolidated 1099 forms that will make up your statement that you will receive after the end of the tax year during the 2013 tax filing season and 1 of the several 1099s included will be a 1099-B and this 1099-B will have your separate trades listed on it and you will have to use that information to correctly report your transaction on the IRS forms 8949 and then on to the schedule D for this purpose during the 2013 tax filing season for the 2012 tax year income tax return for this purpose.
Specific Instructions for your broker or payee of the proceeds to use to fill out the 1099-B to be sent to you
A broker or barter exchange must file Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, for each person:
For whom the broker has sold (including short sales) stocks, bonds, commodities, regulated futures contracts, foreign currency contracts (pursuant to a forward contract or regulated futures contract), forward contracts, debt instruments, etc., for cash,
Who received cash, stock, or other property from a corporation that the broker knows or has reason to know has had its stock acquired in an acquisition of control or had a substantial change in capital structure reportable on Form 8806, or
Who exchanged property or services through a barter exchange.
Forex Taxation Basics Aug 17, 2012 ... Trading forex can make for a confusing time organizing your taxes.
While trading 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. Here is a break down of what you should know.
Read more: http://www.investopedia.com/articles/forex/09/forex-taxation
basics.asp#ixzz257qYSFIE
http://www.investopedia.com/articles/forex/09/forex-taxation-basics.asp#axzz257qLuRlv
Hope that you find the above enclosed information useful. 08/31/2012
What time does London Open in Forex?
Slam Long
Since the recent daylight savings. What time does London open tomorrow. 11/4/2013. Is it back to normal?
Answer
Depends o your trading provider. But Normally the Forex market open weekly on Sunday 10:00 pm GMT and closes Friday evening 10:00 pm GMT.
Some Forex providers, will allow you to trade when others are closed, but at a very wide spread.
Depends o your trading provider. But Normally the Forex market open weekly on Sunday 10:00 pm GMT and closes Friday evening 10:00 pm GMT.
Some Forex providers, will allow you to trade when others are closed, but at a very wide spread.
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