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Taxes
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Taxes

  #1 (permalink)
Trading Apprentice
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Taxes

hi,

i know maybe this is a weird question but i need to know
I live in Belgium and my broker is based in the US.
Mbtrading.
Do i have to pay taxes in the US then?

thanks in advance!

 
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  #3 (permalink)
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Gut2000 View Post
hi,

i know maybe this is a weird question but i need to know
I live in Belgium and my broker is based in the US.
Mbtrading.
Do i have to pay taxes in the US then?

thanks in advance!

Your broker should have made you fill in a form called W8ben that addressed that question.

In general, most people from outside the US do not pay US taxes but, again, the questions in the form are used to assess that.

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xplorer View Post
Your broker should have made you fill in a form called W8ben that addressed that question.

In general, most people from outside the US do not pay US taxes but, again, the questions in the form are used to assess that.

Thanks,

I am trading on a demo acount maybe thats why i didnt get that form yet.



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Market Wizard
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Gut2000 View Post
Thanks,

I am trading on a demo acount maybe thats why i didnt get that form yet.



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Ok, that would make sense. I assume you didn't have to deposit any money then.

 
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xplorer View Post
Ok, that would make sense. I assume you didn't have to deposit any money then.

Not yet no, i am glad that the taxes are not an issue.

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Gut2000 View Post
Not yet no, i am glad that the taxes are not an issue.

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Again, I can't say 'taxes are not an issue' because I don't know your specific situation but in general that's the case.

There is a specific tax thread if you want more information about taxes.

https://futures.io/traders-hideout/4832-tax-thread.html

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Gut2000,

You won't pay taxes in the US, but in Belgium your profits will be calculated as a capital gain (not an income).

In Belgium, the rate is pretty high: 33% of all your profits. The problem you will have is that it is taxed on a yearly basis with no loopback:
So if you make 1m$ in 2016, you pay 330k$.
Then in 2017 you lose 1m$.
Then in 2018 you make 1m$, you will need to pay 33% of that 1m$ again, despite losing 1m$ in 2017.

In that scenario, you'd have paid 660k$ in taxes and made only, net, 340k$ instead of 1m$, over the 3 years. This is why you should consider investing through a fund vehicle or off-shore trust, this way you would only pay taxes when you take the money out of the fund / trust. In this case you'd pay 33% on 1m$ with a trust.

Hope that was hopeful

Regards

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Market Wizard
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wintergasp View Post
Gut2000,

You won't pay taxes in the US, but in Belgium your profits will be calculated as a capital gain (not an income).

In Belgium, the rate is pretty high: 33% of all your profits. The problem you will have is that it is taxed on a yearly basis with no loopback:
So if you make 1m$ in 2016, you pay 330k$.
Then in 2017 you lose 1m$.
Then in 2018 you make 1m$, you will need to pay 33% of that 1m$ again, despite losing 1m$ in 2017.

In that scenario, you'd have paid 660k$ in taxes and made only, net, 340k$ instead of 1m$, over the 3 years. This is why you should consider investing through a fund vehicle or off-shore trust, this way you would only pay taxes when you take the money out of the fund / trust. In this case you'd pay 33% on 1m$ with a trust.

Hope that was hopeful

Regards

hi wintergasp

do you have knowledge of taxation in other European countries as well?

 
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xplorer View Post
hi wintergasp

do you have knowledge of taxation in other European countries as well?

What country are you based in ?

Yes. In the UK Futures is considered capital gain taxes, and will tax you either 18% or 28% depending on whether you're a basic rate taxpayer or not.

Same thing, if you go through a jersey trust you will only be taxed that amount when you take the money out of the trading account, this way you don't get killed by your losses.

If you've been in london for less than 7 years, then you can be Non-Dom and this doesn't apply if your broker is outside of the UK - you'd be taxed 0% unless you bring some of that money back to a UK bank account.

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