Forex trading in US
Forex trading in US
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user19430 · External communityPost link
External question — Personal Finance Stack Exchange
Author: user19430
Original post: https://money.stackexchange.com/questions/35815
License: CC BY-SA 3.0 — https://creativecommons.org/licenses/by-sa/3.0/
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I have been trading forex (outside the US) for some time. I withdraw profits using Skrill and then transfer funds to my bank account.
I will be moving to the US shortly. Can I use the same mechanism in the US to transfer funds to a US bank account?
Are there any separate regulations for forex trading in US? Must I pay taxes for forex trading in US? If yes, how?
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alyehoud · External communityPost link
External answer — Personal Finance Stack Exchange
Author: alyehoud
Original post: https://money.stackexchange.com/a/57600
License: CC BY-SA 3.0 — https://creativecommons.org/licenses/by-sa/3.0/
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Yes, you are required by law to pay taxes on any realized gains (net of losses) for any given year. If you're a US citizen, regardless of where you live internationally, you are still required. You'll pay taxes when you file your annual taxes by April 15th of the year following.
Separately, check with your broker also because many of them do not allow trading from the US, or alternatively, will require you to open a US-based account. With something like this, you don't ever want to give a broker a reason to freeze your account.
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Quoted from Forex.com.bd-Team External answer — Personal Finance Stack Exchange Author: alyehoud Source score (net votes, not local likes): 2 Original post: https://money.stackexchange.com/a/57600 License: CC BY-SA 3.0 — https://creativecommons.org/licenses/by-sa/3.0/ Adaptation: HTML converted to plain text; contact email addresses removed. Yes, you are required by law to pay taxes on any realized gains (net of losses) for any given year. If you're a US citizen, regardless of where you live internationally, you are still required. You'll pay taxes when you file your annual taxes by April 15th of the year following. Separately, check with your broker also because many of them do not allow trading from the US, or alternatively, will require you to open a US-based account. With something like this, you don't ever want to give a broker a reason to freeze your account.
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