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Are prop firm payouts taxed as regular income?
For those in the US and EU, how do you handle tax implications for payouts from prop firms? Is it considered self-employment income, or does it vary by jurisdiction? Looking for general insights, not tax advice.
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From what I've seen, most treat it as self-employment income, but it definitely gets tricky with international payouts. Always best to talk to a local tax professional.
It absolutely varies. Some firms might issue 1099s, others just send you money and it's up to you to report it. Keep good records of everything.