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Do you need to pay tax on forex trading?

Forex trading profits are usually subject to taxation, but the exact rules depend on your country. In the US, forex profits may be taxed under Section 988 (ordinary gains/losses) or Section 1256 (60/40 capital gains). In the UK, forex trading is generally taxed as capital gains, except for spread betting accounts which can be exempt. In other regions, profits are typically considered income and must be reported. While brokers rarely deduct tax directly, traders are responsible for declaring earnings to local tax authorities. Keeping accurate trading records is essential. Consult a tax professional to ensure compliance and avoid penalties.