If you exchange your currency to Euros, then back to $ and you have more $ after, is it taxable?

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2006-06-28 15:18:28 · 4 answers · asked by brendabnicer2 1 in Business & Finance ➔ Taxes ➔ United States

There is an exemption for small gains on personal transactions - I think it's $200.

2006-07-01 14:37:23 · answer #1 · answered by taxmannyc 3 · 0⤊ 0⤋

Technically, yes. Gains on foreign currency exchanges are taxable.

2006-06-28 23:34:50 · answer #2 · answered by NotEasilyFooled 5 · 0⤊ 0⤋

You won't have more money when you change back to dollars. The dollar isn't worth as much as the euro.

2006-06-28 22:22:03 · answer #3 · answered by skyhigh 3 · 0⤊ 0⤋

It couldn't be that much could it? I wouldn't worry about it.

2006-06-28 22:22:20 · answer #4 · answered by SE_OH_GUY 2 · 0⤊ 0⤋