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: Law Office of Harry Gordon Oliver II
If you hold the assets for one year, the profit will be subject to a 15% federal rate. Otherwise the gain is taxed as ordinary income, like salaries. Gain will be subject to state tax, also.
Answer Applies to: California
Replied: 7/19/2011
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: California
Replied: 7/19/2011
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.
Answered By: David Hoines Law
short or long term capital gain, depending on holding periodsee a CPA
Answer Applies to: Florida
Replied: 7/18/2011
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: Florida
Replied: 7/18/2011
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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