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Do you pay TAX after trading profits if you live in Nevada USA?

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  #1  
Old 20-04-2009, 19:48
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Default Do you pay TAX after trading profits if you live in Nevada USA?

Hello everyone,

Is any trader here live in Nevada? Do you have to pay tax after your trading profits?

Herringtrader
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  #2  
Old 23-04-2009, 01:23
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hello Herringtrader,

I will take the liberty here and assume that you are a legal US citizen... that said, it doesn't matter where you live - you are blessed with the obligation to pay US taxes. As a rule of thumb, for me personally, anytime I withdraw funds from my trading account I always take out an additional X % and put it into my savings account to cover my bases down the line when tax time rolls around.

You won't be taxed on gains until the end of the year when you see a profit in your account. So, any winning / losing you do in the meantime will not matter until you decide to take those profits out and use them... but you don't have to pay any taxes say at the end of the day/week/month... only if your account has a profit at years end.

Hope this is what you were looking for - if not feel free to contact me and I will be more than happy to discuss it to more length.

Regards,
noblehobo :)
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  #3  
Old 27-04-2009, 01:00
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What if the broker is from another country, does he still have to pay the US taxes?
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  #4  
Old 17-05-2009, 14:49
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If you live in the US, you are obligated to pay taxes. Though many forex brokers do not provide a 1099 nor report it to Uncle Sam, it is up to you to report it else don't get caught.
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  #5  
Old 01-06-2009, 17:40
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Default Tax Free in Nevada

Any profits from any source earned outside of the US are taxable income at the Federal level if you live in the US. OF bigger concern is the fact that now if you do not report having a foreigh bank acct. and get caught it is a felony....thanks to the Patriot Act. Also O'Bama just hired 400 more IRS agents whose primary responsibility it is to pursue foreigm bank accounts. The Treasury Dept. has currently petitioned the Swiss gov't for access to information on American citizens with Swiss bank accts. This by definition would include Forex brokers in Swiss. Something to watch closely as some sort of compromise will probably be worked out. Currently UBS is the US target. Saudi brokers are exempt because have not signed the Patriot Act, but who knows what they will do (eg. FXDD).

Big brother is alive and well and closing in. Best to be safe and stress free than sorry and in prison.

PS You do esscape income taxes in Navada as there are none.
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  #6  
Old 08-06-2009, 16:35
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Thanks for the help! Let me rephrase my question! Would a European Forex trader pay less tax if he established a company in Nevada and traded through that company? Check out this site and tell your opinion!


http://www.nevadaincorporateusa.com/

Last edited by Herringtrader; 08-06-2009 at 16:57.
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  #7  
Old 09-06-2009, 16:07
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Quote:
Originally Posted by Herringtrader View Post
Thanks for the help! Let me rephrase my question! Would a European Forex trader pay less tax if he established a company in Nevada and traded through that company? Check out this site and tell your opinion!


Incorporate in Nevada - Company establishment in the USA - Nevada - American company – it is not an offshore inc.
This is depending on your country of (primary) residence. The taxman of your residence decides, if foreign income is taxable or not. I have lived/was taxable in CH, NL and D -- it won`t work in any of those countries. That aside there are many practical problems like opening bank accounts (as a non-resident alien very tough in US, as a foreign firm almost impossible in Europe), getting brokerage accounts, so in most cases the cure is more problematic than the illness!

If you want to save taxes, move to a country where THIS type of income is taxed low (don`t pretend to do so) like GB, NL, I, and some cantons of CH.

This is no advice of any kind, just personal experience.

Regards

Forex37
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  #8  
Old 20-07-2009, 03:41
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This should help you regarding the Federal taxes. I thought Nevada did not have a state income tax. Is that not correct?

http://www.greencompany.com/Educatio...Currency.shtml

Attorney Companies
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  #9  
Old 05-08-2009, 13:28
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If you make your trading a business you can get some nice deductions. Very,very few earn a living doing this, for most its a huge loss like mine so you can show your losses on your taxes.
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  #10  
Old 08-08-2009, 12:21
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"Nevada's tax structure is also a large benefit to incorporation in Nevada, but this is somewhat circumvented by the relatively high annual filing fees in the state of Nevada to maintain a business entity. Nevada has no franchise tax and also has no corporate income tax or personal income tax."

Nevada corporation - Wikipedia, the free encyclopedia
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