Discussion:Is gain from foreign currency exchange a capital gain or Ordinary income
From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
Discussion Forum Index --> Consumer Questions --> Is gain from foreign currency exchange a capital gain or Ordinary income
| 22 October 2009 | |
| If gain from foreign currency exchange is Capital Gain which can be offsetted with Capital Loss from stock transactions, Is it also entered in Sch D same as the way we enter for stock transaction?
Then that gain should be categorized to ST or LT. | |
| 22 October 2009 | |
| Was the foreign currency held as an investment, or was this a Section 988 transaction? | |
| 23 October 2009 | |
| What makes you think the foreign currency gain is capital gain? | |
Fr. Mackelhenry (talk|edits) said: | 26 October 2009 |
| If it's been in your pocket for more than a year, it's a capital gain. I know, because we caught a Greek sailor laundering his national script through our plate (he'd put it in, and extract a dollar bill).
The Lord just reminded me that the 28% rate will apply to your collectible bills. | |
| 28 October 2009 | |
| Dear Father Mac,
I think your behind the times. You've got to get on board with check-tithing. Smart N. Savvy puts a $10 check in the plate and extracts $9 in bills. Come tax time, he can get a verifiable $520 deduction for a tenth the cost. Makes going to church a worth while investment. Well, except for listening to Pastor Crow ranting about the wages of sin. However, even some of those tips proved useful. | |
| 28 October 2009 | |
| You don't have to pay overtime if you put sin on a salary instead of a wage. More sin for the same price. Until the demons all unionize, I suppose. | |
To join in on this discussion, you must first
log in.
