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The Tax Thread
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Created: by Big Mike Attachments:3

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The Tax Thread

  #221 (permalink)
 Vendor: www.optimusfutures.com 
Boca Raton
 
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Platform: Variety
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Tinwoodman View Post
Hey guys

Can anyone help me with question on taxation?

I'm a citizen of Republic of Armenia, if I open trading account in US or UK based company which taxes I have to pay?

And is there difference if I trade stocks, futures, options or Forex?

In the United States you sign a form called W8 which is "Certificate of Foreign Status of Beneficial Owner for United
States Tax Withholding and Reporting (Individuals)" This means that you are not paying taxes in the USA rather it is your own individual obligation to pay it in your own country.

I believe this applies to all asset classes and if you are not a citizen or resident of other countries, they would have a similar form. You need to also ask your broker is there are any treaties between your country and the country of your brokerage where other laws may apply.

Here is an example of such form in the USA -- W8

I hope this helps.

Thank you,

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #222 (permalink)
Trading Apprentice
Yerevan, Armenia
 
Futures Experience: Beginner
Platform: MetaTrader
Favorite Futures: have no idea, i'm a novice
 
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mattz View Post
In the United States you sign a form called W8 which is "Certificate of Foreign Status of Beneficial Owner for United
States Tax Withholding and Reporting (Individuals)" This means that you are not paying taxes in the USA rather it is your own individual obligation to pay it in your own country.

I believe this applies to all asset classes and if you are not a citizen or resident of other countries, they would have a similar form. You need to also ask your broker is there are any treaties between your country and the country of your brokerage where other laws may apply.

Here is an example of such form in the USA -- W8

I hope this helps.

Thank you,

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Thanks, mattz, that really helps.

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  #223 (permalink)
Market Wizard
Houston, TX
 
Futures Experience: Advanced
Platform: XTrader
Broker/Data: Advantage Futures
Favorite Futures: Energy
 
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Still very early to know what, or if anything, gets passed but this is an interesting discussion of the potential implications. Especially for business traders with entities.

Green Trader Tax :- How Tax Reform Framework Impacts Traders And Investors
https://greentradertax.com/how-tax-reform-framework-impacts-traders-and-investors/

Disclaimer:- I'm still a Tax Client of Green, Neuschwander & Manning an affiliate of Green Trader Tax

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  #224 (permalink)
Capt. Johnny Jameson
Fort Lauderdale
 
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RickeyJew View Post
Производство мебели на заказ в Санкт-Петербурге, подробности смотрите на сайте akro-spb ru akro-spb ru

not sure what making furniture in St. Petersburg has to do with trading but....

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  #225 (permalink)
Market Wizard
Houston, TX
 
Futures Experience: Advanced
Platform: XTrader
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Favorite Futures: Energy
 
Posts: 2,528 since Dec 2013
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Green Trader Tax 1/9/18 :- How To Decide If A C-Corp Is Right For Your Trading Business
https://greentradertax.com/how-to-decide-if-a-c-corp-is-right-for-your-trading-business/

Green Trader Tax 1/12/18 :- How Traders Can Get The 20% QBI Deduction Under New Law
https://greentradertax.com/how-traders-can-get-the-20-qbi-deduction-under-new-law/

Disclaimer:- I'm still a Tax Client of Green, Neuschwander & Manning an affiliate of Green Trader Tax

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  #226 (permalink)
Market Wizard
Houston, TX
 
Futures Experience: Advanced
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Favorite Futures: Energy
 
Posts: 2,528 since Dec 2013
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Green Trader Tax :- The Tax Cut Impacts Investors In Negative And Positive Ways
https://greentradertax.com/the-tax-cut-impacts-investors-in-negative-and-positive-ways/


Quoting 
The new law suspends “all miscellaneous itemized deductions that are subject to the two-percent floor under present law.” These include investment expenses, unreimbursed employee business expenses and tax compliance fees for non-business taxpayers. Miscellaneous itemized deductions are an AMT preference for 2017.

Investment expenses include trading expenses when the trader is not eligible for trader tax status (TTS), stock borrow fees and related costs for short sellers without TTS, and investment advisory fees and expenses paid to investment managers. TTS traders have business expense treatment, so qualification for that status is essential in 2018.

Disclaimer:- I'm still a Tax Client of Green, Neuschwander & Manning an affiliate of Green Trader Tax

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  #227 (permalink)
Market Wizard
Houston, TX
 
Futures Experience: Advanced
Platform: XTrader
Broker/Data: Advantage Futures
Favorite Futures: Energy
 
Posts: 2,528 since Dec 2013
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I just posted this in a cryptothread but thought I would repost here as this is the "Tax Thread"


Greentrader Tax - Jan'18 :- Cryptocurrency Traders Owe Massive Taxes For 2017
Or, when a coin miner receives a coin for his work, he or she naturally recognizes business revenue based on the value of the coin.
more...
https://greentradertax.com/cryptocurrency-traders-owe-massive-taxes-for-2017/


Greentrader Tax / Forbes - Aug'17 :- How To Report Bitcoin Cash And Avoid IRS Trouble
Bitcoin holders were distributed one unit of Bitcoin Cash for each unit of Bitcoin, a separate financial instrument with a liquid market value. In the eyes of the IRS, that’s taxable income. Bitcoin holders should report the receipt of Bitcoin Cash on their 2017 income tax returns. It does not qualify as dividend income on Schedule B since a cryptocurrency is not a security. It’s also not considered interest income on a debt instrument or bank deposit.
more...
https://greentradertax.com/how-to-report-bitcoin-cash-and-avoid-irs-trouble/


Greentrader Tax / Forbes - Feb'17 :- If You Traded Bitcoin, You Should Report Capital Gains To The IRS
The IRS considers cryptocurrencies, including Bitcoin, to be “intangible property.” Investors and traders holding cryptocurrency as a capital asset should use capital gain or loss tax treatment on sales and exchanges, with the realization method. For example, if you buy Bitcoins with U.S. dollars and later sell them for U.S. dollars, a capital gain or loss needs to be reported on that transaction. An exchange of one cryptocurrency for another cryptocurrency is a taxable sale transaction, even though U.S. dollars are not involved in the transaction.
more...
https://greentradertax.com/if-you-traded-bitcoin-you-should-report-capital-gains-to-the-irs/

Disclaimer: I'm a client of a GreenTrader Tax affliate.

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  #228 (permalink)
Mike The Greek
Gilroy california USA
 
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Broker/Data: TDAmeritrade MBT
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Big Mike View Post
Hi guys,

It is my pleasure to welcome Ryan Curran from Curran Unger LLP on Thursday, February 9th @ 4:30PM Eastern US.

The topic for this webinar is "Tax Topics for Traders", and bullet points include:

- Making the Mark to Market Election - Mechanics, Issues, and Implications
- Trader Tax Status - Tax Benefits of Qualifying as a Professional Trader
- How to Qualify for Trader Tax Status - Specifics and Possible Pitfalls
- Q&A for members

Register for the event:
https://on.futures.io/4hzbq

Mike

And how do I sign up?

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  #229 (permalink)
Market Wizard
Houston, TX
 
Futures Experience: Advanced
Platform: XTrader
Broker/Data: Advantage Futures
Favorite Futures: Energy
 
Posts: 2,528 since Dec 2013
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samiotis View Post
And how do I sign up?

Right after you find a time machine. That was last year.

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  #230 (permalink)
Elite Member
nashville, tn
 
Futures Experience: Intermediate
Platform: Ninja 8
Favorite Futures: es
 
Posts: 56 since Nov 2012
Thanks: 50 given, 4 received


So does anyone trade a ROTH Ira and withdraw their profits and not pay any taxes on it?

Sent using the futures.io mobile app

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