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Free advice: don't try your hand at FX trading until you've spoken to your accountant. Profits from FX trading aren't tax free.
by bmcusick 9y ago
Free advice: don't try your hand at FX trading until you've spoken to your accountant. Profits from FX trading aren't tax free.
- therealmarv 9y agodepends on country.
- dopamean 9y agoNot in this context. We're talking about the IRS. An American agency.
- icu 9y agoIn the UK Forex trading can be structured as a bet. This is called 'spread betting.' This gets around capital gains tax and income tax in the UK as long as it's not your main source of income.
- loeg 9y agoThis wouldn't work in the US because gambling winnings are taxed even more highly than other sources of income.
- icu 9y agoYes, I quite agree... indeed many States in America have Anti-Gambling Laws. In comparison, I was quite surprised at how ingrained in the culture gambling is in England and how it permeates through all levels of society. To me this seemed like quite the juxtaposition when you compare how the English vs Americans view new venture risk.