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Potential Tax Issue

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Potential Tax Issue Empty Potential Tax Issue

Post by Tenacious1 on Fri Apr 03, 2015 2:32 am

Nobody knows how taxes will be figured. But, if the current laws are used, we're looking at "capital gains" taxes. If that happens, there are long term rates and short term rates. I know that if I've physically held my currency over a year it's long term. My main question would be if one has had reserves over a year. Is that short or long term?
Thanx guys.

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Potential Tax Issue Empty Re: Potential Tax Issue

Post by Kevind53 on Fri Apr 03, 2015 9:55 am

IF any RV were to occur, and IF it is taxable as a capital gain, then if the actual cash held for more than a year and a day would be considered long term. I'm not sure about reserves, but I suspect not, since you don't actually own anything, reserves is maybe a poor although more marketable term, since it's more of a lay away.

Having said all of that, the IRS code seems pretty clear that any gains would be treated as regular income, not capital gains. However, I am not a tax expert and my suggestion is to hire a good one to advise you when and if the time comes, and do what he or she says.

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