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  1. #1
    Junior Member giveittomikeyk's Avatar

    tax implications !!!

    hello guys. i have a questions about tax issues with binary options.
    I have not ever withdrawn from a broker yet, but for those of who are in the United States,
    what are the tax implications of your binary option investments?
    do you have to report your gains in your income tax forms?
    is there anyway you can be audited if you dont?

  2. #2
    Legendry Member Okane's Avatar
    Hey there!
    I don't live in the US but that one is a sensitive issue.
    I mean, if people have figured out ways to not pay taxes I am pretty
    sure they want to keep that to themselves. You don't want to brag about it online for everyone to see lol.
    Perhaps a US citizen can fill in here.
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  3. #3
    Solid Member Gabbe's Avatar
    i dont know how it works in usa, but in sweden u can havE a IS/investment savings account , then u only have to pay 1% tax . talk to your tax agency they probably know
    Last edited by Gabbe; 11-22-2015 at 10:37 AM.

  4. #4
    Solid Member Gabbe's Avatar
    okane how do you pay your taxes,
    ive read on your website about K4 forms is it complicated?

  5. #5
    Legendry Member Okane's Avatar
    I just let someone who knows his stuff take care of that.
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  6. #6
    Veteran Member randy1953's Avatar
    Quote Originally Posted by giveittomikeyk View Post
    hello guys. i have a questions about tax issues with binary options.
    I have not ever withdrawn from a broker yet, but for those of who are in the United States,
    what are the tax implications of your binary option investments?
    do you have to report your gains in your income tax forms?
    is there anyway you can be audited if you dont?
    not sure but if they taxed your profits it seems only fair that they count your losses as a deduction and if that's the case I think the IRS would not like it since 90% of binary traders lose.

  7. Thanks giveittomikeyk thanked this post
  8. #7
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by giveittomikeyk View Post
    hello guys. i have a questions about tax issues with binary options.
    I have not ever withdrawn from a broker yet, but for those of who are in the United States,
    what are the tax implications of your binary option investments?
    do you have to report your gains in your income tax forms?
    is there anyway you can be audited if you dont?
    it depends on where you are trading and how you withdraw your money but it is always safer to just report it, unless it is just a few hundred ad then I think it qualifies like mowing the grass money or yard selling, if you are on an offshore broker probably report it as gambling winnings... there is a threshold for that too but my pro does that for me, check it out.

  9. Thanks giveittomikeyk thanked this post

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