Tax on futures

Discussion in 'Taxes and Accounting' started by svrart, Dec 23, 2007.

  1. I've done this before, and this is how it works for US citizens:

    You pay on everything made overseas just as if you were in the USA. Only the US and the Philippines do this BTW.

    You can declare your income as earned income, but then you have the FICA expenses of around 15% additional (you pay both sides). Most traders only do this if they want to put away significant sums into an IRA or similar.

    For a really detailed explanation, buy Robert Green's book, or better yet, give his firm a call. They specialize in trader's tax issues.

    greencompany.com

    Jay
     
    #11     Dec 24, 2007
  2. Surdo

    Surdo

    Even if the OP files as a "mark to market" trader, his income was still earned in the United States. This will still not enable him to take the foreign earned income exclusion.
     
    #12     Dec 24, 2007