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.

Recent Tweets

wwm twitter

5 Smart Tips for Managing Your Grocery Budget — Money Goals, Kitchen Solutions https://t.co/ILIJSdItRE
- Friday Feb 23 - 5:00pm

wwm twitter

22 Things Tax Experts Wish You Knew About the New Tax Law https://t.co/6agkPn1RLM
- Wednesday Feb 21 - 5:00pm

wwm twitter

The 3 Spending Stages of Your Retirement https://t.co/br19oKklyI
- Monday Feb 19 - 5:00pm