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Foreign Currency Tax Question

I've been into a foreign currency investment for less than one year and I'm trying to prepare for exchanging currency at the bank. I'm trying to find out about tax obligations, legal forms, and the best way to deposit the initial funds (into different banks or different accounts). In addition to tax prep advice, I would also be interested in investment advice assuming this investment pays off. Thank you

Money made on currency exchange is taxable at capital gains rates above $200. Maybe 15% depending on your situation. Any loses could be claimed up to a net $3000 per year including any other capital gains or losses. Proceed with caution when investing in currencies. Many people have lost a lot of money speculating in this type of investment.

Wiser Wealth Management, Inc. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

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