Tax: US resident/citizen trading foreign futures?

T

thecalip

Any US traders who trade foreign futures such as DAX or Stoxx can common if 60/40 rule apply?

What if you trade exclusively in Dax/Stoxx and base your account in Euro? Do you need to convert the account back to USD to figure out the tax? If so, is this consider a forex transaction or futures or both?

Thanks in advanced.
 
Quote from thecalip:

Any US traders who trade foreign futures such as DAX or Stoxx can common if 60/40 rule apply?

What if you trade exclusively in Dax/Stoxx and base your account in Euro? Do you need to convert the account back to USD to figure out the tax? If so, is this consider a forex transaction or futures or both?

Thanks in advanced.
More...

I would be careful, depending on anonymous posters to give you tax advice like this. You may be depending on someone who "heard something from someone once..."
 
Quote from thecalip:

Any US traders who trade foreign futures such as DAX or Stoxx can common if 60/40 rule apply?

What if you trade exclusively in Dax/Stoxx and base your account in Euro? Do you need to convert the account back to USD to figure out the tax? If so, is this consider a forex transaction or futures or both?

Thanks in advanced.
More...

You can read the 2005 opinion on taxation of foreign futures from Green Company at http://www.greencompany.com/EducationCenter/ForeignFuturesTaxation.pdf .

In order to file Form 1040 all foreign currency amounts must be converted to US Dollars. The conversion of stated net profit/loss from futures trading denominated in a foreign currency to US Dollars for tax reporting purposes is neither a forex transaction nor a futures transaction.
 
Thanks for the link.

I hate the US. So many regulations. Tax system is so damn complicate that even their own employees contradict each others. I wish I reside and citizen of some tax friendly country.
 
Quote from thecalip:

Thanks for the link.

I hate the US. So many regulations. Tax system is so damn complicate that even their own employees contradict each others. I wish I reside and citizen of some tax friendly country.
More...

Why don't you do us all a favor and renounce your citizenship?
Perhaps you can learn to speak English in your new country.
 
If you have nothing to contribute, don't fucking threadcrap.

If you are so fucking in love with the US, then respect the Bill of Rights. I'm merely exercising it.

Quote from Surdo:

Why don't you do us all a favor and renounce your citizenship?
Perhaps you can learn to speak English in your new country.
More...
 
You must log in or register to reply here.
Back
Top