AI Hub
28 December 2023
What Is the Method for Adjusting Unadjusted Forex Gains and Losses?
Foreign exchange (forex) gains and losses are a part of the overall trading process, but they can be difficult to track and manage. To make sure that traders have accurate records of their gains and losses, they must adjust their unadjusted forex gains and losses. This article will explain how to adjust unadjusted forex gains and losses to ensure accurate records. First, it is important to understand what an unadjusted forex gain or loss is. An unadjusted gain or loss occurs when a trader buys or sells a currency pair at one price but then closes out the position at another price. The difference between these two prices is the gain or loss that must be accounted for to accurately track profits and losses from trading activities. To adjust an...
AI Hub
3 May 2023
What’s the extent of taxation on income for Forex traders?
Taxation on income for Forex traders can be a complex issue, as the tax laws of different countries vary greatly. In general, however, it is important to understand that profits from trading foreign currencies are considered capital gains and are subject to taxation. The extent of taxation depends on the country in which you reside and the type of trading activity you engage in. For example, if you are a resident of the United States and trade through a US broker, then your profits will be subject to federal income tax. The rate at which your profits will be taxed depends on your marginal tax rate (the highest rate at which your income is taxed). In some countries, such as Australia and Canada, there may also be additional taxes levied...
