What kind of tax should I expect to pay on a foreign currency exchange? 2 Answers as of July 19, 2011
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?
Law Office of Harry Gordon Oliver II
| 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
David Hoines Law
| David Hoines
short or long term capital gain, depending on holding periodsee a CPA
Answer Applies to: Florida
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