Have a Tax Question? Ask a Tax Expert
I understand that to qualify Foreign currency transactions, it must be held for 1 year and 1 day. I have read the Publication 525 (2012) on Foreign currency transaction that it would be considered a capital gain at the current rate of 20%. But I have read other articles that it would be considered ordinary income , and taxed at the highest rate of 39.6 + 3.8 Medicare Investment tax :Obamacare" Does anyone have a factual answer..xxxxx xxxxx
Just in case the link doesn't work, here's the web address:
I truly hope this information is helpful but please do not rate until you are satisfied. If you want to click on 1 or 2 just click on the continue to work with me button instead. You will then be able to add any other info or respond to what I have posted so far. Rating 3-5 gives me credit and a good rating but you can still converse with me.