This is a multi-part message in MIME format. ---------------------- multipart/alternative attachment Hi and thanks for the continous valuable information. With respect to day trading such as the FOREX money market what are the tax implications when you are in the green. Thanks A XXXXXXXX -================================== david ingram replies The only way to make money in the futures and day trading market is by buying and selling at a profit. Therefore, by its very nature, it is a venture in the nature of trade and a business and taxable at full rates. You will appreciate this when you lose all the money this year or next year and get to write off your losses against your regular income. At the risk of offending a lot of futures and day traders, I can say uncategorically, that in my 39 years in this business and the preparation or supervision of thousands (over 2,000,000 returns actually, I do not remember a single futures or day trader that had a profit over a three year period. I can think of dozens if not hundreds who lost $100,000 or more when they thought they had figured it out and many lost their houses and careers. Any other accountants want to comment on this? David Ingram's US/Canada Services US / Canada / Mexico tax and working Visa Specialists US / Canada Real Estate Specialists 4466 Prospect Road North Vancouver, BC, CANADA, V7N 3L7 Res (604) 980-3578 Cell (604) 657-8451 (604) 980-0321 New email to [email protected] www.centa.com www.david-ingram.com Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included." Be ALERT, the world needs more "lerts" This from "ask an income tax and immigration expert" from www.centa.com or www.jurock.com or www.featureweb.com. David Ingram deals on a daily basis with expatriate tax returns with: multi jurisdictional cross and trans border expatriate problems for the United States, Canada, Mexico, Great Britain, the United Kingdom, Kuwait, Dubai, Saudi Arabia, Thailand, Indonesia, Japan, China, New Zealand, France, Germany, Spain, Italy, Russia, Georgia, Brazil, Peru, Ecuador, Bolivia, Scotland, Ireland, Hawaii, Florida, Montana, Morocco, Israel, Iraq, Iran, India, Pakistan, Afghanistan, Mali, Bangkok, Greenland, Iceland, Cuba, Bahamas, Bermuda, Barbados, St Vincent, Grenada,, Virgin Islands, US, UK, GB, and any of the 43 states with state tax returns, etc. Rockwall, Dallas, San Antonio and Houston Texas Income Tax and Immigration Tips, Income Tax and ImmigrationWizard Income Tax and Immigration Guru Income Tax and Immigration Consultant Income Tax and Immigration Specialist Alaska, Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Garland, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico,New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon. Pennsylvania, Rhode Island, Rockwall, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, West Virginia, Wisconsin, Wyoming, British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec City, New Brunswick, Prince Edward Island, Nova Scotia, Newfoundland, Yukon and Northwest and Nunavit Territories, Mount Vernon, Eumenclaw, Coos Bay and Dallas Houston Rockwall Garland Texas Taxman and Tax Guru and wizzard wizard - consultant - expert - advisor -advisors consultants - gurus - Paris Prague Moscow Berlin Lima Rio de Janeiro, Santaigo Your name has been added to our list because of an emailed enquiry. At the moment there are some 200 unanswered questions and many are the same. To justify the time spent answering these questions I simply send them to the list. this has two advantages: 1. 3,000 other people sometimes give me a better idea or a better answer. 2.I do not answer the same thing five times in one week. This list was $125.00 a year from 1992 to 2001. It is free for the time being. However, if you do not want to be on it, just send back any message received with the word remove and I will be happy to remove you. Remember though, if you ask to be removed before your question gets answered, you will not get an answer because they go to the whole list to justify my time. david ingram - [email protected] 108-100 Park Royal South West Vancouver, BC, CANADA, V7T 1A2 (604) 913-9133 - (604) 913-9123 www.centa.com Cell is (604) 657-8451 (10 AM to 10 PM seven days a week) US/Canada Real Estate Taxation Specialists US / CANADA / MEXICO Working Visa and Income Tax Specialists ---------------------- multipart/alternative attachment An HTML attachment was scrubbed... URL: http://www.centa.com/CEN-TAPEDE/centapede/attachments/2e2874f4/attachment.htm ---------------------- multipart/alternative attachment--
