Watch Forex Videos

Q&A: How to report profit/loss incurred from Currency Trading on Canadian Income Tax. Its not Capital gain or loss?

Question by DD: How to report profit/loss incurred from Currency Trading on Canadian Income Tax. Its not Capital gain or loss?
Hi,

How to report profit or loss incurred from Currency Trading on Canadian IncomeTax Return. It doesn’t fall inot Capital gain or loss Category.

Please help

Best answer:

Answer by quizzard123
No, you’re right, it’s not a capital gain or loss, it’s Other Income. Fully taxable.

Give your answer to this question below!

Tags: Canadian, capital, Currency, from, gain, Income, incurred, loss, profit/loss, report, Tax., Trading

How do I pay income tax on ForEx earnings?

Question by aa: How do I pay income tax on ForEx earnings?
This is my first time for paying income tax on ForEx, being a US citizen i believe i have to pay tax on forexfactory calendar income, but i have no clue what do i have to do for that. Thanks for your help.

Best answer:

Answer by tyler
Normally you need to file them as capital gains or losses (like you would with stocks or options).

But you can make a special election that will allow you to split them as 60% long terms capital gains and 40% regular income, which is advantageous for tax purposes since long term capital gains rates are lower.

http://www.onlineforextrading.com/learn-trading/forex-taxes

What do you think? Answer below!

Tags: earnings, Forex, Income

If I make income trading currency on the foreign exchange, must I report this on my federal taxes?

by torbakhopper

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

What do you think? Answer below!

Tags: Currency, Exchange, federal, Foreign, Income, must, report, taxes, this, Trading

How much money should you have in your FOREX acount in order to earn an income?

Question by : How much money should you have in your FOREX acount in order to earn an income?
I am planning to add funds to my online FOREX account and I am wondering what would be the appropriate amount of money to start off with in the account to where I can generate enough revenue to earn an income off my profits. I know you need at least $ 1000 just to play in the market but that amount is not enough to make money on. What would I need to have in my account to where I can start compounding the little profits that I make here and there?

Best answer:

Answer by elvie b
Earning a living with Forex is dependent on three factors. First, your starting account balance. Second, your actual performance level. And third, your living requirements.

If you are opening an account with $ 500…the answer is no…you will not be able to make a living at Forex. Even $ 1000, $ 5000, $ 10,000 or $ 25,000 would not be enough of an initial account size to make a comfortable living in the Forex market.

The next area of importance is your skill as a Forex trader or the effectiveness of the strategy that you follow. If you are a 50/50 trader and win on half of your trades and lose the other half you cannot make a living at Forex. If you have the time, the patience, the discipline and the knowledge to make at least 20 pips in 4 out of 5 days of daily trading you may have a good shot at making a living from the Forex market.

If you are looking for the best forex software, visit this site

http://the-best-forex-software-in-internet.blogspot.com/

This software is the best software that can help increase your trading profit and user friendly.

Best Wishes,

Give your answer to this question below!

Tags: acount, Earn, Forex, Income, Money, much, order, should

How to Make a Living Trading Foreign Exchange: A Guaranteed Income for Life (Wiley Trading)

How to Make a Living Trading Foreign Exchange: A Guaranteed Income for Life (Wiley Trading)

Solid Forex strategies for capturing profits in today’s volatile marketsHow to Make a Living Trading Foreign Exchange puts the world of Forex at your fingertips. Author Courtney Smith begins with an introduction to the Forex market-what it is and how it works. He then delves into six moneymaking techniques for trading Forex, including his unique Rejection Rule that doubles the profit of basic channel breakout systems. In addition to two specific methods for exiting positions at critical levels,

List Price: $ 70.00

Price:

HIGHLY PROFITABLE FOREX TRADING SYSTEM FOREX CURRENCY PACKAGE WORTH OVER $5999

US $39.99 (0 Bid) End Date: Thursday May-17-2012 20:00:06 PDT Bid now | Add to watch list

US $7.49 End Date: Thursday May-17-2012 20:25:31 PDT Buy It Now for only: US $7.49 Buy it now | Add to watch list

Tags: Exchange, Foreign, Guaranteed, Income, Life, Living, Trading, Wiley