This may be a lame question ...but...if a foreign currency is exchanged and it has increased in value is this considered a capital gain and therefore taxable?
2007-04-02 13:37:42 · 4 answers · asked by wannaknow44 1 in Business & Finance ➔ Investing
If this was your line of business and you made very large transactions it could be. For the normal citizen the amount is so small that is isn't required. Also if any of the gains were spent while out of the country, it doesn't apply.
2007-04-02 13:43:38 · answer #1 · answered by ttpawpaw 7 · 0⤊ 0⤋
Well.. it can either mean that the country of the foreign currency has had a gain in their monetary value, or that the dollar (or to which ever currency your comparing it) has lost some value!!
Answer my question please...
http://answers.yahoo.com/question/index?qid=20070402164703AA59Bz9&r=w
2007-04-02 13:42:46 · answer #2 · answered by rosaheide 4 · 0⤊ 0⤋
Yes. All capital gains are taxable.
2007-04-02 13:40:26 · answer #3 · answered by SGElite 7 · 0⤊ 0⤋
No
2007-04-02 13:40:09 · answer #4 · answered by Joseph 2 · 0⤊ 0⤋