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Entry Submitted by J.P. at 4:17 PM ET on September 4, 2022
Here is the truth about income tax on foreign currency.
GOOGLE… do you need to pay capital gains tax on foreign currency purchases?
THE ANSWER IS YES!!!
IF YOU ARE TRAVELING TO A COUNTRY THAT ONLY ACCEPTS THEIR OWN CURRENCY TO USE WHILE IN THEIR COUNTRY THEN YOU NEED TO BUY THE AMOUNT OF FOREIGN CURRENCY YOU WILL USE WHILE IN SAID COUNTRY.
YOU CAN EXCHANGE YOUR FOREIGN CURRENCY
YOU HAVE LEFT WHEN YOU RETURN TO THE STATES AT FOR EXAMPLE at a bank you bought it at.
that is the law period.
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J.P.
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