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Must pay taxes for FX earned money?

Discussion in 'General Forex Talk' started by player_x, Jan 4, 2010.

  1. player_x

    player_x Recruit

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    Hi felows
    Does anybody knows if there are tax fees for FX earned money in European countries?
    Thnx in advance
     
  2. Stony

    Stony Sergeant

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    Generally, money made from Forex is added to your "normal" income, so you have to pay your usual income tax on the total amount including forex. In Germany, though, there is a special tax on money made from the financial market, called "Abgeltungssteuer". The rate is 25 % .
     
  3. cowmadagan

    cowmadagan Sergeant

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    The online brokers I'm aware of don't report the contents of any individual trader's accounts to any financial authority. That said, there is a clear paper trail when you withdraw profits because they don't pay in cash. So, if you leave it in your account you won't have to pay anything.
    That's all the tax evasion advice I'm going to tell you, even though there's more that's perfectly legal...but easily misused.
     
    #3 cowmadagan, Jan 5, 2010
    Last edited: Jan 5, 2010
  4. Pharaoh

    Pharaoh Colonel

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    Some overseas brokers may not report it, but I wouldn't count on a US brokerage skipping a report to the IRS.
    :unhappy:

    If you are in the UK, you can use spread betting firms to trade forex. The last I heard, those are tax free.
     
  5. player_x

    player_x Recruit

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    Thanks fellows

    Thank you all for the info guys.
     

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