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What is the tax rate for a forex market? |
About a year ago, I invested couple thousands of dollars in forex market. I have more lose than gain. Overall, I've gained around $7000.00 (my loss is higher than this value). My question is what would the tax rate for this capital gain be for this kind of situation. My regular income is less than $20,0000 This is a CPA question. It depends upon the contract you entered into, whether they were spot, bank accounts, bonds, futures and/or options. In some cases the law requires marking to market whether gains are realized or not. You need to speak with a CPA before the close of the year so that you can elect the proper choices within the tax year itself. If your loss is higher than your gain you shouldn't have to pay any taxes. if you report your loss more than ur gain u might even get tax cut |
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