Are US forex platforms online a safe place for foreign micro-investors in terms of taxation?
Even foreign non resident non domiciled in the US people trading on US forex platforms online are liable for payment of US taxes from their US-source profits obviously enough -or so I understand- (income/capital gains taxes, and so on)…
The question is: How are they supposed to do so –filing/reporting income returns and the whole lot of stuff- as they dont live there so they can´t go to the proper tax agency and do it in person?
The idea of prosecution from the US government for tax evasion due to lack of knowledge doesn’t sound much ‘appealing’ honestly… I mean, personally it’s all that issue about platform-based taxation what makes me most doubtful on investing on forex online from Spain
So I wonder if those platforms –or the Banks they work with– already apply tax discounts on foreign non resident non domiciled clients’ accounts so to get them rid of all US tax inconvenience –filing potential tax returns included-
Thank you
(…I hope being lucky enough to meet across some really skilled/experienced helping people round here…ïŠ)
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Tagged with: capital • capital gains taxes • payment • safe place • tax evasion • tax returns • taxation • understand • US-source • whole lot
Filed under: Forex Brokers
Until you learn how to make FX profits, your question is a moot point.
More than 90% of FX traders lose money. During the process of learning to trade, you will meet and partner with other traders, brokers, and accountants that set up and manage your accounts that can answer your questions accurately based on the circumstances at hand, rather than some hypothetical situation that doesn’t yet apply.
Are the governments going to get their taxes? Just keep good records, set aside a percentage of gains, and plan on it. What you call "safe" is a subjective term that means something different to everyone.