How much tax should I pay on a foreign currency exchange?
What kind of tax should I expect to pay on a foreign currency exchange? I am invested in foreign currency that is expected to revalue soon. After cashing in, what should I expect as far as taxes are concerned?
Answered By: Bricker & Eckler
If you cash out on a currency exchange, the spread/gain is ordinary income.
Answer Applies to: Ohio
Replied: 10/10/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: Ohio
Replied: 10/10/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
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