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Tax gains on currency. My US business has a bank account in
Tax gains on currency. My US business has a bank account in euros for paying our European vendors. There is some balance in euros there. Do I have to account for currency fluctuations as capital gains… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
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I have a Graphic design LLC company with an EIN. I'm planing
I have a Graphic design LLC company with an EIN. I'm planing to do another side business related to money transfer and currency exchange on a very small scale. Basically I will transfer USD to a vendo… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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If I open a foreign bank account in say France and transfer
If I open a foreign bank account in say France and transfer my US dollars to the account and convert it to euros and hold it for a period of time, how are the capital gains and losses treated on my US… read more
Barbara
Barbara
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I am receiving a large sum of cash from a foreign relative
I am receiving a large sum of cash from a foreign relative ("gifter"). The gifter is in China, so the CNY to USD conversion limit in China is 50K USD per year. To get around this, I am asking the gift… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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I have reported interest from Everbank annually on single currency
I have reported interest from Everbank annually on single currency World currency CDs for various foreign currencies. The matured CDs were called "Rollover principal and interest". They were 3 and 6 m… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,789 satisfied customers
Lev, I invested in foreign currency CD in everbank in June 2013 and completed it in Dec
Hi Lev, I invested in foreign currency CD in everbank in June 2013 and completed it in December 2014. I invested let us say $500 for simplicity here. In 2013, the foreign interest earned was $13 and a… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,789 satisfied customers
Would like your thoughts on the applicability of §988 ordinary
Would like your thoughts on the applicability of §988 ordinary gain to the conversion of a US heir inherited foreign currency bank account.E.g. on 6/30/2012 Us heir inherits 100,000 foreign currency f… read more
Barbara
Barbara
Enrolled Agent
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Hi Lev. Here is a situation. A close friend would like to
Hi Lev. Here is a situation. A close friend would like to give me a gift in amount of 500K. The friend is not a US resident and he lives overseas. The bank transaction would be him depositing cash int… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,789 satisfied customers
I will be selling a property in China this year. The capital
I will be selling a property in China this year. The capital gains tax for property in China is about 5%, and the capital gain will be approximately $350K. - Do I need to pay capital gains tax in the … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,789 satisfied customers
Currently I am being paid USD from my companies US office to
Currently I am being paid USD from my companies US office to my China bank account. What happens if I am paid in Chinese RMB from our China factory to my China bank account ? My wife and I also hope t… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,789 satisfied customers
We are a company in California who plans to wire money to China
We are a company in California who plans to wire money to China to pay our supplier. The outgoing money is in US$ and the recipient received in CNY (the bank will convert the currency for us). My ques… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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My wife is Chinese and has permanent residency status, but
My wife is Chinese and has permanent residency status, but still maintains a bank account in China. We would like to wire transfer funds from our US bank account to her account in China, but want o kn… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,789 satisfied customers
I am a US Citizen and have foreign bank accounts (in foreign
I am a US Citizen and have foreign bank accounts (in foreign currency). I have some idea on how to report the interest income but not sure on how to report FX related gain. I dont think I need to repo… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,789 satisfied customers
I had a foreign currency CD (Islandic crona) in 2008 with Ever
I had a foreign currency CD (Islandic crona) in 2008 with Ever Bank. After the drastic fall of the Islandic crona and my CD maturity, I closed the CD and transfered the remaining amount to a simple ($… read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
1,278 satisfied customers
I have money in British Bank account (I am a UK citizen, green
I have money in British Bank account (I am a UK citizen, green card holder) if I convert the GBP to USD can I offset my interest gain with the currency loss? If I move all the money from GBP to USD ca… read more
Merlo
Merlo
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558 satisfied customers
had swiss bank account for 30 years. reported interest to ...
had swiss bank account for 30 years. reported interest to irs yearly. initial investment 24,000. closed acct in 2007 and received 120,000 . do we have to pay capital gain tax, since part of this profi… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,789 satisfied customers
I have been buying 3 month FDIC insured foreign currency ...
I have been buying 3 month FDIC insured foreign currency certificates of deposit. At first, when the CDs matured, I had the interest payments converted to US Doallars and transferred to a US Dollar ba… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,789 satisfied customers
Income tax Question 1. What do the tax law say if I ...
Income tax Question 1. What do the tax law say if I have money (cash) wire to my account and then I wire that money to an international business account. Also I have a LLC with merchant account paymen… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
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