taxes on forex

OK, First, sorry, I understand this is only applicable for US traders: but I gotta ask. I got my once-a-year phone call from my brother several hours ago. Long story short, instead of "Happy Birthday!", I got a LONG lecture about how FOREX trading is going to screw-up whatever life I have left...

Hi all. I am a US citizen from SC and I was wondering if there are any legal ramifications of NOT paying taxes on forex capital gains. Does anybody else withdrawal money from trading account earnings? Normally, I will withdrawal $150 - $500 a week from my trading account without paying taxes...

Hello. I am new to trading FOREX...have been successfully DEMO trading for 3 months now and I'm planning on 'going live' within the next 6 weeks. One of the ongoing questions I've been researching is how to declare Forex profits on my US tax return. It seems that there are 2 IRS rules...

Would anyone like to relate their experience of dealing with HMRC re their Forex trading profits/losses and how you do (or do not) declare them to the tax man. I believe they are taxed as income, but I may be wrong and they may be taxed as Capital gains. However in order to avoid any...

Since this question comes up quite often, I thought I'd briefly cover the basics. First, let me preface by saying I am not a tax or accounting professional, and I highly suggest that you consult one prior to following this or any other tax-related advice. I happen to know one of the best...