Categories: Income

Define Taxable Income: An Overview of Forex Trading

Taxable income from forex trading depends on the country that you live in. Generally, it is the net of your total trading revenue less trading expenses, such as commissions and other costs associated with trading. Some countries, such as the US, consider profits made from forex trading to be taxable under specific laws. Your profits and losses are subject to taxation as per standard capital gains laws, and gains could be taxed at either short-term or long-term capital gains rates, depending on the holding period.

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Categories: Income

What Is Taxable Income in Forex Trading?

Taxable income refers to any money earned from a job, investment, rental property, or other sources that is subject to taxation. This includes wages, salaries, tips, bonuses, dividends, capital gains, and money from self-employment activities. The amount of tax due depends on the rate of taxation applicable to the source of income and the total amount of income earned. Taxpayers have the responsibility of claiming all taxable income and paying the taxes they owe.

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