My close acquaintance is employed by the IRS in upstate New York. He and I spent yesterday researching. One of our Internal Revenue manual numbers is IRC988.The IRS taxes profits and losses from foreign exchange transactions under IRC 988. When you trade in foreign currency and the exchange rate fluctuates, you might benefit from a foreign currency exchange rate gain. You wind up with more money than you anticipated.It is regarded as a foreign currency gain under IRC section 988.IRC 988 profits and losses are automatically taxed as regular income, such as wages, rather than as capital gains. Gains are therefore subject to your regular tax rate. [dinaropinions.com: Speak with your tax expert to get the best tax plan for your particular situation.]
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