Hello fellow dexxter entrepreneurs
I have recently been looking into Forex trading and have a demo running that trades via an EA bot.
Due to the success of the bot ($150 – $500 per day profit), I would like to know more about taxes on speculative income.
Online information about tax rates seems “clear”:
Various types of income are taxed at 33%.
If trading takes on a professional form, it counts as professional income and is taxed progressively.
Now, the conflicting messages about what counts as profit are:Profit is simply the amount that is returned to an account in excess of the initial investment and any costs. So the net proceeds of profit and loss trades – investment.Regardless of the investment, every profit trade will be taxed at xx%, loss trades are not taken into account.
The net proceeds/loss from profit and loss trades are taken into account for tax purposes; in the event of a loss, this results in a reduction in the personal taxes to be paid.
So, something to do with trees and a forest.
Hopefully someone can help me further with better sources or experience.
Thanks in advance.
Kind regards,
Marc