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If i make money on the forex market, is there a tax for it? |
If i make money on the forex market, is there a tax for it? And if there is, how do i pay for it? Yes, of course there is tax. As to how you pay for it, it is up to you. At year end your withholding may cover it. If not, you will have to write a check to the Feds and, if applicable, to your state. As a side note, most forex trading programs are scams! Assuming you're an American citizen, if you make money at anything there will be a personal income tax on it. You have to declare it on Schedule D (Form 1040), and pick up the total gain on your Form 1040. If you are making a significant amount, you may also have to file an estimated quarterly return. Hope this helps. Any net gain or loss you derive from trading in foreign currencies or currency-based derivatives will generally be considered ordinary income or loss rather than capital gain or loss, by virtue of section 988 of the Internal Revenue Code. However, there are a variety of special rules and elections relating to sections 988 and 1256 that could result in capital gain or loss treatment. If the amounts involved are significant you should consult a sophisticated tax advisor with specific experience in this area. |
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