Tax on Dinar exchanged through a currency broker in Kuwait

[KristiD]

Bump..... Xtaxguy, can you comment on my post in the Tax Section?  I and most everyone here would sure love to know if it's true that we can really be taxed as Capital Gains on the RV.  Thanks!  https://dinarvets.com/forums/index.php?/topic/261485-rv-taxed-as-capital-gains-could-it-be-true/&tab=comments#comment-1961800

 

On 1/4/2019 at 10:32 AM, KristiD said:

 

Xtaxguy, I am so happy that you are posting in this thread, thank you!!!  I had pretty much decided that our gain from the RV will be taxed as Ordinary Income, but you and your experience in this area as a high level CPA has caused me to rethink my position.  The problem is that some CPAs say the RV will be taxed as Capital Gains and other CPAs say Ordinary Income.  (btw, I totally agree with you that it will be taxed.  Anyone thinking the IRS won't tax it is dangerously naive and if they don't report it and the IRS finds out about it (and we know the Powers that Be are watching everything), that could be considered tax fraud which has all sorts of nasty ramifications). 

 

Anyway, to definitively resolve this issue of HOW it will be tax, I think we need to see exactly what the IRS has to say about the issue.  So far, no one has put forth this information.  Bob Adams (Breitling's CPA friend) did an audio trying to do that and claims it will be Ordinary Income.  But I looked through your posts and read your response to Bob's audio where you explained why he's wrong.  That got me to start researching the term "investment" to try to find out what the IRS says about it.  I think I may have found it, but I need a knowledgeable tax professional to weigh in on it. 

                   

I recently posted what I found and I started a new post in the "Tax Section" here.  But that was two days ago and it doesn't look like anyone is reading it.  Would you be so kind as to go there and comment on it?  

 

Again, thank you!  If we can find the authority from the IRS for claiming this as a Capital Gain, it would end this discussion once and for all and save many IQD holders millions of dollars.

 

On 12/30/2018 at 7:27 AM, Xtaxguy said:

If your tax preparer says "ordinary," get a new tax preparer. 

 

[js214]

On ‎1‎/‎4‎/‎2019 at 10:59 AM, coorslite21 said:

I am no expert......my belief is, and has been, no tax......just a spread of 2% or less....

 

JMO......CL

Isn't that the same percentage Iraq has been told they need to maintain within for a period of time?  I would think part of that reasoning would be so countries would know the spread they are able to charge..so that makes perfect sense to me