Is it true that FOREX profits are not taxable until withdrawn from your account?

If you're a US citizen, no, it's not true.

If you've made money by the end of the year, it's taxable no matter if it's in your account, your matress or under a rock.
 
I print out the huge list of trades I make each year, with a summary of my P+L. I pay the taxes on the interest, then on the cap gains and I give them all to my accountant who then mails the IRS the massive backup and essentially tells them - if you don't believe me, do the math yourself.
 
Quote from Ivanovich:

I print out the huge list of trades I make each year, with a summary of my P+L. I pay the taxes on the interest, then on the cap gains and I give them all to my accountant who then mails the IRS the massive backup and essentially tells them - if you don't believe me, do the math yourself.
More...

:D :D
 
You must log in or register to reply here.
Back
Top