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Paying taxes on Forex profits

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  #1  
Old 09-03-2009, 13:03
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Default Paying taxes on Forex profits

Hello all,

Do any of you know how taxes are paid on forex profits? Is it similar to how Capital Gains Taxes work when stocks are sold? Are taxes considered "due" when a position is closed or when money is withdrawn from a brokerage? OK, enough questions from me for now. :p

Thanks much for your attention to this and for your input everyone! :D

From me,
dicarlp
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  #2  
Old 09-03-2009, 20:31
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There was some discussion on this thread earlier:

http://forexmoments.com/forums/forex...ation-u-s.html
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  #3  
Old 09-03-2009, 20:38
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Default Oops on my part

My bad, Ash. I should keep up more with what's already on the forum, eh? :o

Thanks much for letting me know where I can go to find the right info! :)

From me,
dicarlp
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  #4  
Old 09-03-2009, 20:51
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Lol, no probs!
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  #5  
Old 10-03-2009, 06:10
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Default Offshore

You need to pay taxes for income earned offshore????? I think not, right? :cool:
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  #6  
Old 13-03-2009, 13:18
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Default what a great headache

i wish i had profits to pay tax on :)
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  #7  
Old 24-03-2009, 22:26
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Default hi

what about taxes in other countries
my broker is in Cyprus
does any one can help
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  #8  
Old 25-03-2009, 09:46
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I believe there are some places where fx profits are tax free. BVI, Isle of Man etc.?
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  #9  
Old 27-03-2009, 03:50
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Yes, BVI is free as i know.
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  #10  
Old 27-03-2009, 06:42
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Quote:
Originally Posted by brianmartin View Post
I believe there are some places where fx profits are tax free. BVI, Isle of Man etc.?
Its just a deduction at the source: Some countries do, some countries don`t. But this has NOTHING to do with your tax liabilities: Your taxed according and in the country of your domicile (and subjects of IRS in the US as well)!

Once the taxman is probing your computer (or your provider) there is a high risk of unpleseant surprises - if its taxable in the country of your domicile at all.

Forex37
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  #11  
Old 30-03-2009, 09:02
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Good to abide by the local tax laws though!:)
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