Trading What is the tax rate for a forex market?
Query by jaccchen23: What is the tax rate for a foreign exchange market?
What is the tax rate for a forex market?
About a year ago, I invested couple thousands of dollars in foreign exchange market place. I have much more lose than achieve. General, I’ve gained about $ 7000.00 (my loss is greater than this worth). My question is what would the tax rate for this capital achieve be for this variety of circumstance. My regular revenue is less than $ 20,0000
Greatest answer:
Answer by v b
Did you retain records that state you expected to be taxed beneath IRC 1256 (capital gains rules) rather than IRC 988 (ordinary interest revenue)?
If yes, then when you receive your 1099 at the end of the year you will get a 60/40 split of activity onto your schedule D. 40% is treated as short term 60% as prolonged term. Extended term gains would get a much better tax rate than quick term gains. (If for some cause you don’t get the 1099, you must nonetheless report the income.)
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