Taxes...

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Taxes...

Postby Rick » Sat Oct 18, 2008 2:22 am

I have been trading forex for about 3 months exclusively with Chameleon 2008. I have been wondering about the taxes involved with this type of trading as an individual.

Would I be required to pay taxes on trades only if funds are withdrawn or does it matter?

What is the best and/or most cost effective way to file taxes in this type of situation?

I do not know if your expertise falls in the tax category but I hope that you would be able to provide some exclusive information that is not readily available by a simple Google search.

Thank again RenegadeFX
Rick
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Re: Taxes...

Postby Support » Sun Oct 19, 2008 2:49 am

The taxes can be confusing, we are not in a position to make any recomendations. It seems they can be handled a couple of different ways depending on how the income is classified, the tax code is a little gray in the area of Spot Forex income, also is varies if you use a corporation to open the trading account, or an IRA. I just attended a Forex Expo in Las Vegas a few weeks ago, and they had a seminar on handling the taxes, I was not able to attend, but if you google the Expo you would probably be able to find the firm that put on the seminar and contact them regarding the taxes. Sorry we are not more help in that area.
Best Regards,

The Renegade Fx Support Team
support@bestexpertadvisors.com
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Re: Taxes...

Postby Marylin » Fri Aug 07, 2009 10:19 pm

It depedns where you live. Check your country's taxation laws.
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