Hello Everyone,
First of all--EXCELLENT website! I'm a newbie and this is my first post. I've only just recently started researching binary options trading, and am learning as much as I can before I even open a demo account. (I guess I'm just hyper-cautious by nature.) Anyway, so glad I found this website. Bryan's videos for beginners are a gold mine…fabulous info and tips. Thank you!
My question is: Are profits made on binary options taxed as capital gains for US traders? If so, I'm guessing they would be considered short term gains which would certainly take a big bite out of your profits. I apologize if this has already been asked and answered, but I can't seem to find any information on this. I know that Nadex sends out an annual 1099-B form, but I'm not sure I want to go with them due to their fees. For any US traders out there who use overseas brokers, assuming your profits are taxed, isn't sorting out a year's worth of trades every April somewhat cumbersome? How does it work?
Thanks so much in advance for any insights anyone can offer, and again…wonderful website!
First of all--EXCELLENT website! I'm a newbie and this is my first post. I've only just recently started researching binary options trading, and am learning as much as I can before I even open a demo account. (I guess I'm just hyper-cautious by nature.) Anyway, so glad I found this website. Bryan's videos for beginners are a gold mine…fabulous info and tips. Thank you!
My question is: Are profits made on binary options taxed as capital gains for US traders? If so, I'm guessing they would be considered short term gains which would certainly take a big bite out of your profits. I apologize if this has already been asked and answered, but I can't seem to find any information on this. I know that Nadex sends out an annual 1099-B form, but I'm not sure I want to go with them due to their fees. For any US traders out there who use overseas brokers, assuming your profits are taxed, isn't sorting out a year's worth of trades every April somewhat cumbersome? How does it work?
Thanks so much in advance for any insights anyone can offer, and again…wonderful website!