Hello all,
I am a UK resident and a US citizen. I'm wondering if anyone has had to deal with the ramifications of spread-betting gains and the US tax system. I understand that spread-betting receives special tax treatment in the UK, but since US citizens have to declare worldwide income and all financial accounts, does this classify as normal income or income subject to short-term capital gains tax?
Thanks!
I am a UK resident and a US citizen. I'm wondering if anyone has had to deal with the ramifications of spread-betting gains and the US tax system. I understand that spread-betting receives special tax treatment in the UK, but since US citizens have to declare worldwide income and all financial accounts, does this classify as normal income or income subject to short-term capital gains tax?
Thanks!