About a year ago, I invested couple thousands of dollars in forex market. I have more lose than gain. Overall, I've gained around $7000.00 (my loss is higher than this value). My question is what would the tax rate for this capital gain be for this kind of situation. My regular income is less than $20,0000
2007-12-02 05:07:06 · 2 answers · asked by jaccchen23 2 in Business & Finance ➔ Investing
This is a CPA question. It depends upon the contract you entered into, whether they were spot, bank accounts, bonds, futures and/or options. In some cases the law requires marking to market whether gains are realized or not. You need to speak with a CPA before the close of the year so that you can elect the proper choices within the tax year itself.
2007-12-02 05:55:54 · answer #1 · answered by OPM 7 · 0⤊ 0⤋
If your loss is higher than your gain you shouldn't have to pay any taxes.
2007-12-02 05:10:21 · answer #2 · answered by Anonymous · 0⤊ 0⤋