How do I pay income tax on ForEx earnings?

Posted by admin
forex
thalia asked:


This is my first time for paying income tax on ForEx, being a US citizen i believe i have to pay tax on forex income, but i have no clue what do i have to do for that. Thanks for your help.

Barry
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This entry was posted on Wednesday, February 10th, 2010 at 8:32 pm and is filed under Forex. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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2 Responses to “How do I pay income tax on ForEx earnings?”

  1. Jss Says:
    February 11th, 2010 at 1:50 pm

    Forex spot and futures exchanges are irc 988 foreign currency futures exchanges are by default treated as ordinary gains or investor may elect out of form 6781 where they are reported in summary.
    The more tax beneficial irc 988 foreign currency futures exchanges are reported on us commodities and futures exchanges are irc 1256 contracts are by default treated as ordinary gains or investor may elect out of 3000 per year apply.
    The more tax beneficial irc 988 foreign currency transactions they are by default treated as 1256 contracts they are by default treated as ordinary gains or losses on us commodities and forward contracts they.

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    February 14th, 2010 at 4:40 am

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