Exchange
If I make income trading currency on the foreign exchange, must I report this on my federal taxes?
Question by Alex L: If I make income trading currency on the foreign exchange, must I report this on my federal taxes?
I want to start trading currency on the foreign exchange but am not sure if I would need to report my returns as income on my federal income tax return. If I do need to report it, how so?
Best answer:
Answer by hrblockchristinew
Yes you are supoposed to claim any income tha tyou receive on your taxes.
This advice was prepared based on our understanding of the tax law in effect at the time it was written as sit applies to the facts that you have provided. http://www.hrblock.com/taxes/tax_tips/index.html
http://www.hrblock.com/taxes/tax_calculators/index.html
Christine
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What is the best site for trading stocks and currency exchange?
Question by shadowsjc: What is the best site for trading stocks and currency exchange?
I am completely new to the world of trading stocks or currency, but I want to get started. I see ads for all these different websites (ameritrade, etrade, etc.), and I was wondering, which (if any) would be the best for a beginner? I’m not looking to get rich quick, but I would like to start investing my money for the long term.
Also, which if any of these sites offers a way to trade currencies? Ideally, I would become a member of the site with the best combination of both of these (trading stocks and currency).
Thanks
Best answer:
Answer by rgamecock1
There are several sites that you can log on to. Most of these sites have education tools which help you become more knowlegeable of trading. Just a word to the “wise”, you better know what you are doing because really you can lose everything you invested so fast it will make your head swim. So if you do decide to do this, become informed and start small. Most sites require minimum investments. I have seen people make money and I have seen people lose a lot of money. Anyway here are several sites you can visit, trade king, pfgbest, optionshouse, market club. Of course all of these start with www. Good luck to you but really please be careful.
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