rookie Posted October 1, 2007 Report Share Posted October 1, 2007 maybe a naive question If someone is residing and from another country than the US...and trading in US stocks, are they still responsible for capital gains and other taxes on any profits which would be applicable to a US citizen?? Link to comment Share on other sites More sharing options...
rookie Posted October 1, 2007 Report Share Posted October 1, 2007 OOPS! sorry for the duplicate post.... ..is there a way to _delete_ such posts when the occur? maybe a naive question... If someone is residing and from another country than the US...and trading in US stocks, are they still responsible for capital gains and other taxes on any profits which would be applicable to a US citizen?? Link to comment Share on other sites More sharing options...
Palatkik Posted October 1, 2007 Author Report Share Posted October 1, 2007 No. There's a W-8BEN form you fill in to declare you are non US and so no taxes. Link to comment Share on other sites More sharing options...
cavanami Posted October 1, 2007 Report Share Posted October 1, 2007 No. There's a W-8BEN form you fill in to declare you are non US and so no taxes. Are you sure? I had some bank accounts in my mother-in-law's name (she is not a US citizen) and for the past 4 ~ 5 years we hae had to file with the IRS and pay tax on the interest derived from the accounts. Better check it out. Link to comment Share on other sites More sharing options...
teddy Posted October 1, 2007 Report Share Posted October 1, 2007 No. There's a W-8BEN form you fill in to declare you are non US and so no taxes. Completing Form W-8BEN enables you to pay tax on dividends arising from US stocks at a reduced rate of 15%. If you do not complete this form and privide it to your broker you will automatically be charged tax at 31% on dividends. Link to comment Share on other sites More sharing options...
Palatkik Posted October 2, 2007 Author Report Share Posted October 2, 2007 I think you are correct. I do get taxed on dividend payouts from stock holdings which in my case is virtually nothing because the dividend payouts don't exist or are very small. This may also apply to interest payouts which is next to nothing also in my case so I am not sure. The profits from any stocks buying and selling prices are tax free though I think which is where I seem to make most of my money. Link to comment Share on other sites More sharing options...
Casmeri Posted October 3, 2007 Report Share Posted October 3, 2007 I have checked out a few and have found E-Trade to be very satisfactory. It combines a bank with brokerage, so you can transfer between accounts easily. The other feature I appreciate is no ATM fees and you get an ATM card with with both your brokerage account and bank account. Fees are low and the new Global account feature, although not well developed as yet, allows having accounts in local currency for six different markets. E-Trade works well from here... Link to comment Share on other sites More sharing options...
Palatkik Posted October 3, 2007 Author Report Share Posted October 3, 2007 Thnks, I'm thinking of using E-Trade as well. Will be closing the SB account before the 2% fees come in effect next March for me. Link to comment Share on other sites More sharing options...
cavanami Posted October 3, 2007 Report Share Posted October 3, 2007 E-trade started to charge fees if you account got under a certain amount, $5000 USD, at which point I closed the account. A few months later they stopped charging the fees. I have been using Datek (now TD Ameritrade) for ten years or so and they have been good. The trading fees were (are?) cheaper then what E-trade was charging. I also like the "Streamer" that TD Ameritrade has where you can list up the stocks you are interested in (10+ stocks) and watch them in real time. Great tool for trading! and it is free!!! Link to comment Share on other sites More sharing options...
junglesoup Posted October 3, 2007 Report Share Posted October 3, 2007 Do these brokers you are talking about have leveraged products or are they just straight upfront full capital for the shares...? I guess in the UK, they are called CFDs or contract for differences. Its a derivative instrument, but it means you dont need to tir up all your capital in a few stocks. Link to comment Share on other sites More sharing options...
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