Trading Currencies Know How
Forex taxed?
Let's say that the Japanese yen is trading at 100 dollars and buy a U.S. $ 10,000 from my bank, so a million yen. I put the yen in a bank vault and leave them alone. So, say, 10 years later, trading yen from 1 to 1 (do not know how likely is it just because of the thesis). That means I have $ 990,000 or? Would I be charged tax on this and if so, what taxes apply?
It really a very different response that, as expected. I assume they are not subject to transactions in local currency as a business and that they are only one investor. Firstly, the gain will be taxed. But if you expect this is to earn the maximum capital growth over the long term, it really as ordinary income taxed (and subject to tax as your salary.) will be taxed when it was also a loss that would be a normal loss (ie, you get to deduct 1040 of their income – Line 21 of your browser.) Origin of the profit or loss of foreign tax credit depends on the purpose of his residence at the time (as determined under s.911). So just because the income of a foreign currency, if you live in the U.S., is U.S. source.
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