Taxes will remain the same

[WilliamPayne]

You must show proof (with your receipt of purchase) to file the claim as a long term gain. If it is shorter than 1 year OR you do not have the receipts you will be taxed 35%. Anything that is considered long term will be 15% taxed. That is just general investment tax law knowledge. There isn't any special tax law specifically for currency exchange. Unless the tax laws have changed recently, this should be correct.

If the RV happens in time for everyone to claim it on their yearly taxes, it would be MUCH easier to claim your earnings then. However, if not you will have to claim it on your own. Make sure to do this, either way, Uncle Sam WILL get his share. So make sure to be responsible, don't make them seek you out. You DON'T want to deal with their unpaid tax penalties. But I'm sure we are all good citizens here

This info came from my uncle who is a tax lawyer. You don't have to take my word for it though. Like Glenn Beck says, "Do your own research".

[ExecConsult]

There isn't any special tax law specifically for currency exchange.

I mean no disrespect to your uncle. However, there is very definitely special tax law specifically for currency exchange. See Section 988 of the internal revenue code. Specifically section 988(e) applies to our situation. In my analysis (as an attorney), section 988(e)(3) disqualifies us of being able to take the preferred capital gains treatment. If you want to look more deeply into it, you may wish to review my initial analysis poster here:

since starting that thread, I added a little more and made post #4 at the following link:

Hope this is helpful.

Best of Blessings,

Mark