trading forex on int spread betting sites, what are the income tax implications?
by jamesrichard, Performer
- Created: November 28, 2009, 6:04 am
- Updated: October 23, 2012, 4:43 pm
Home trading on stock exchanges, with manual or automatic trading software has become a thriving home market. And a way to make good income. But what are the tax liabilities for someone within the U.S. Now directly trading ie buying and selling the actual stocks will attract tax, but many countries, such as the U.K have spread betting companies where you do not actually buy or sell the stocks, you are betting on them moving up or down, and in the U.K profits from winning bets are non taxable. Within the U.S this amounts to online gambiling and isn't possible, but what if you have an overseas account with the overses companies, will you still be stuck with the fed wanting their cut of you winnings.
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