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Can i trade forex without paying taxes


can i trade forex without paying taxes

cases, you are required to elect. But it is important to keep an internal record that shows that you have decided to opt out of Section 988. Penny Stocks the Right Way? More Information about Section 988, in this, section 988, the gains and losses from forex are considered as interest revenue or expense. Please go ahead and click any link you want to know more. M/l/RcZZ, training Level 7 How to Follow an Uptrend and Exit on Time? The key factor is talking with your accountant before investing. IRC 988 contracts are simpler than IRC 1256 contracts in that the tax rate remains constant for both gains and losses an ideal situation for losses. Section 1256 provides a 60/40 tax treatment which is lower compared to its counterpart.

can i trade forex without paying taxes

can i trade forex without paying taxes

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The Section 988 is also complicated because forex traders have to deal with currency value changes on an everyday basis. Since over-the-counter trading is not registered with the Commodities Futures Trading Commission (cftc) some traders think they can get away with. Equity transactions are taxed differently and you may not be able to elect 988 or 1256 contracts, depending on your status. For Over-the-Counter (OTC) Investors Most spot traders are taxed according to IRC Section 988 contracts. Home learn Forex Trading ยป Forex Trading and Taxes, seeing profits from forex trading is an exciting feeling both for you and your portfolio.

can i trade forex without paying taxes


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