tax for non-resident futures traders

Discussion in 'Taxes and Accounting' started by arzoo, Apr 1, 2004.

  1. arzoo

    arzoo

    do you have to file income tax in the US if you trade e-mini futures, but are a non US resident and not a US citizen? or do you pay the taxes in your home country only?

    thanks.
     
  2. wallaby

    wallaby

    Not sure where you are from, but usually if you are not a US citizen and are a non-US resident, you do not have to pay tax in the US.

    Typically you would have to declare your trading income in your home country should you be defined as a resident there for tax purposes, ie reside there for more than 183 days a year for quite a few commonwealth countries - although that may not be sufficient – and depending on the country, other tests are likely to apply. chrs
     
  3. wallaby

    wallaby

    Sorry, I forgot to add - which I am sure you will probably know already - you will need to complete the relevant paper work with your broker, the W-8BEN form, to exempt you from backup withholding tax.