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Default IRS Rules on Currency Exchange


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Gentlemen,

I respect your opinions, however it is up to every dinar holder to manage their own exchange, trade, and methods applied to any form of tax and taxation calculus. The very wealthy move their money around and so can we.

 

.............................................................................................................................................................Catch me if you can!

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13 hours ago, M.I.B. said:

Gentlemen,

 

.............................................................................................................................................................Catch me if you can!

I like you M.I.B. :-)  You are fun. :-)

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  • 5 years later...

Wow!  This thread was started in 2007 and the last post was 2017.   Finally, there is GREAT NEWS about this!  The IRS has now specifically addressed the taxable gain on personal foreign currency transactions.  Their most recent publication (2022, and there is no 2023 version yet) states that it is taxable as CAPITAL GAINS!  You can't get more definative than this!!!

https://www.irs.gov/pub/irs-pdf/p525.pdf   Page 34, top of middle column states:

 

Foreign currency transactions. If you have a gain on a personal foreign currency transaction because of changes in exchange rates, you don't have to include that gain in your income unless it's more than $200. If the gain is more than $200, report it as a capital gain.

 

The current capital gains rate is a maximum 20%.  Per the IRS ( https://www.irs.gov/taxtopics/tc409 on the first page):

 

A capital gain rate of 15% applies if your taxable income is more than $41,675 but less than or equal to $459,750 for single; more than $83,350 but less than or equal to $517,200 for married filing jointly or qualifying surviving spouse; more than $55,800 but less than or equal to $488,500 for head of household or more than $41,675 but less than or equal to $258,600 for married filing separately.

However, a net capital gain tax rate of 20% applies to the extent that your taxable income exceeds the thresholds set for the 15% capital gain rate.

There are a few other exceptions where capital gains may be taxed at rates greater than 20%:

  1. The taxable part of a gain from selling section 1202 qualified small business stock is taxed at a maximum 28% rate.
  2. Net capital gains from selling collectibles (such as coins or art) are taxed at a maximum 28% rate.
  3. The portion of any unrecaptured section 1250 gain from selling section 1250 real property is taxed at a maximum 25% rate.

 

 

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We will all see when it happens. Funny thing is, I was talking to an accountant last night about this very thing. According to him, if your dinar was placed in any form of IRA or any other investment acct, then you will be liable for taxes. But if you have the physical cash dinar, it is a non-taxable event trading it in for dollars.

 

Like I said, we'll all see when it happens....

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6 hours ago, markb57 said:

We will all see when it happens. Funny thing is, I was talking to an accountant last night about this very thing. According to him, if your dinar was placed in any form of IRA or any other investment acct, then you will be liable for taxes. But if you have the physical cash dinar, it is a non-taxable event trading it in for dollars.

 

Like I said, we'll all see when it happens....

Yes we will see....Kristi's post is pretty well substantiated....(Unless they add something last minute)

Hard for me to believe the Biden Regime wouldn't tax this windfall.   CL

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dont forget ya gotta pay for sweet ole bidens money he sent to ukraine to cover his faults when he was a vice pres! HELL YES!! I WOULUD DIE FOR MY COUNTRY !~ I TRIED YEARS AGO! HOPE YOU PEOPLE WAKEUP!@!! DAMMIT!!!

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