Paying TAX
Jun 05, 2022 at 01:25
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1 Replies
Member Since Jun 05, 2022
1 posts
Jun 05, 2022 at 01:25
Im very new and got my self a broker and set an account and ive done pretty good.
My problem is when i came time to withdraw some funds.. I do realize that we all have to pay TAX
But NO ONE ever said that i have to pay it before i can withdraw any funds .. I thought and would expect that i would be taxed on the amounts i withdraw at the time.
NOT having to pay for ALL the profit earned.
example ive made 4,944 in profit.. the broker want me to pay 27.5% on that amount before they release it ... which is $1,344
IS this common practice ?? Do all brokers do this ?? And if so how the hell can anyone make money if they cant get their trades out ??
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My problem is when i came time to withdraw some funds.. I do realize that we all have to pay TAX
But NO ONE ever said that i have to pay it before i can withdraw any funds .. I thought and would expect that i would be taxed on the amounts i withdraw at the time.
NOT having to pay for ALL the profit earned.
example ive made 4,944 in profit.. the broker want me to pay 27.5% on that amount before they release it ... which is $1,344
IS this common practice ?? Do all brokers do this ?? And if so how the hell can anyone make money if they cant get their trades out ??
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Member Since Apr 09, 2019
538 posts
Jun 07, 2022 at 14:09
I've never heard of a legit broker charging tax on withdrawals. Withdrawal fees possibly but not calling it tax. You should withdraw a gross amount and then pay tax on your earnings each year with your respective country's tax authority.
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