Hello, I have been trading since the start of the pandemic, and I'm now at the point where I get payouts ranging from 400k - 950k php. I've always been told that forex trading is not yet taxable here; but now that I'm earning a hefty sum every month, I wanted to be sure. Do note, these profits are not gains from my own money, but rather a prop firm's. Prop firms are trading companies offering equity to traders who have passed their challenges/tests. Once passed they are given an account (usually demo accounts) and whatever profit the trader makes on that account, they are given a percentage. In my case, I have a 100k usd funded account with a prop firm in which I get paid out biweekly. Should I be doing something about taxes, may kailangan ba gawin para maiwasan ang kung ano mang complications in the future? I have no knowledge whatsoever about taxes and whatnot, all I know is how to trade. Thank you. edit: Took out the prop firm’s name as someone got triggered and called this post a scam advert. It’s not, I really am just looking for tax advice.
How/where to pay tax on profit from forex exchange?
Earlier this tax year I had an inheritance come through. I had this money sat in my Shinsei account in CAD as I had a feeling the yen might weaken. I then waited and converted the money a while later once the CAD had gained against the yen, thus I made a profit, the profit is over the 200,000 yen limit. I have a salaried job but no side business, this was a one off windfall. How do I go about declaring this and paying the (20%??) capital gains tax?
I am a US/Japan national, considering moving to Japan from the US. With ETFs in a US brokerage account, and holding a decent amount of USD acquired at pre-2022 exchange rates, what is the best way of handling ETF distribution taxes on the Japan side? When an ETF distribution happens (in USD) I would like to split off the amount I need to pay taxes (20%?), and re-invest the rest. Is there a sensible way to do this, without also ending up with a forex gain liability? Getting taxed more because I had to do currency conversion to pay taxes seems unavoidable, and because of the cost-basis of my USD the "re-invest" portion also seems like it would be a taxable event because I am spending USD. Additionally, if people have experience/advice with handling "I moved from the US to Japan, and I have a (Roth) 401k", that doesn't involve tax evasion or an accounting nightmare, that too will be helpful. Thanks in advance!
Otvaram racun na Oandi za forex, traze me Tax ID, u RH tax id je HR + oib koliko znam ali se mora aktivirati nekako. Trazilo me i na trading 212 i capital.com isto. Je li netko prolazio kroz taj postupak i je li to neophodno? I ako mozete preporuciti dobre forex brokere - spot forex, ne cfd, hvala
CFTC claims that at least 90% of unregistered off-shore FOREX and Crypto brokers are organized criminals, not just tax dodgers" as they ask the IRS to cooperate with Interpol in shutting down 300+ "Scam Shops"
CFTC claims that at least 90% of unregistered off-shore FOREX and Crypto brokers are organized criminals, not just tax dodgers" as they ask the IRS to cooperate with Interpol in shutting down 300+ "Scam Shops"
Looking for help with how tax works as a student as prop firm forex trader.
Hi I'm a nursing student who's current only income is thier student loan. I've recently started a forex trader challenge for two prop firms which looks like I'm going to pass both (fingers crossed a zombie apocolypse doesn't happen) meaning I can start generating some extra income. I'm am very aware that when it comes to making money, the tax man will come knocking. I have 0 intentions of fucking this up so I'd like to get some advise on how all this would work when the time comes. I've never worked a job that pays enough for me to get taxed so I'm not familiar with the process at all. I belive that even though I'm working for a prop firm, it still counts as self employed? Trades are also done via CFDs for on firm, and spread betting for another. I know tax is different between the two. I know most people say hire an accountant but I like to understand how it all works myself so even if I did hire one, I'd know if they were doing it right. I appreciate any help with this. Thanks.
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a forex broker is threatening to subpoena me for not paying some taxes. a lot of people warned me that this is a scam, so I ignored the broker's claims. I'm confused as to what to do?
I was trading with forex signal brokers for a little while now. After I made some profit, when I tried to withdraw the funds, they wanted me to pay some taxes, which a lot of people warned me was a scam. So I ignored them. Now they are threatening to subpoena me. I'm confused as to what to believe. There are no clear laws and it is confusing. Please help me
Hey guys recently I’ve become a prop firm trader for MyForexFunds and was wondering if I’m liable to taxes on a funded account or not and if so is it the CGT of 33% or the 52% income tax. Thanks in advance
Matching of forex transactions for Tax calculation
I've read somewhere that on Interactive Brokers (don't know how true this is), when you buy say USD with GBP, you are not actually owning dollars, but opening a USD denominated short position on an instrument called GBP.USD, but it still effectively looks like owning dollars. I'm using an open source script (written by a UK forex trader) to parse IB html which includes these GBP.USD transactions, and it shows the opening and closing of short positions and calculates P/L based on that. Although IB does show your currency positions on the activity report, it only shows transactions involving the GBP.USD instrument in the trading confirmations report. Now, my problem is not with the USD transactions, but I'm wondering how this concept plays out with some of my Euro transactions. I had converted GBP to EUR and well as USD to EUR. Normally you would think both pools of Euros are just that, Euros, and can be considered together. But in the IB world this could look like a GBP denominated long position in the instrument EUR.GBP and a USD denominated long position in the instrument EUR.USD separately. So when I convert some Euros to GBP, IB is actually closing the EUR.GBP position, and if I convert some USD to EUR, IB actually opens additional EUR.USD long positions. Suppose these last two conversions happen within the space of 30 days. If I think this in terms of Euros, then I have disposed off and reacquired Euros, so might hit the BnB rule (or maybe not, since even in that case, pounds are not used to purchase the new Euros?), but if I think in terms of the instruments that IB is supposedly'holding in the background (again, this is what is implied in the trade confirmations), then the BnB rule won't be hit since these are separate instruments. I suspect the latter is the case, and this is indeed what the software does, but I would like to know for sure from people experienced with this topic.
I got a question for anybody really , with forex taxes that your exchange/ withdraw through Bitcoin do you still file that under section 988 , I’ve recently talked to a few tax professionals around my area and they don’t sound too 100% confident when they answer , it’s usually there first time dealing with that type of tax info …. Thank you I’d appreciate It
Bonjour, j’aimerais savoir si je dois reporte toute mes transactions sur le forex (+600) alors que au finale j’ai une moins-values, Vu que j’ai ouvert 2 compte de forex avec 2 broker’s étranger, je dois déclarer ces comptes, ce que je ferais mais.. déclarer plus de 600 transactions alors qu’au finale je n’ai pas fais de plus-values j’ai la flemme.. Du coup est-ce que sa serais possible de simplement report mes 2 compte forex sans reporte les transac? Le fisc vont pas me sanctionner pour sa?
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