Capital Gain Taxes on Foreign Currency

Informed yesterday from my accountant that there are new laws that were recently passed (within the last few weeks) in specific regards to Capital Gain Taxes on Foreign Currency. Meeting held in Milwaukee, WI, November, 28th, 2011, informing accountants about the new Capital Gain Tax on Foreign Currency. Obama is obviously gearing up for something!!! I do not know...maybe the RV???

What were the new changes ?

Not good changes: I was told that the Captial Gain Taxes on Foreign Currency has been raised. It could be up to 39%. Whomever held the meeting apparently made it sound as if Obama had wanted this done before January of 2012 (which it was), and that he (Obama) intended it to be higher, but he had to negotiate the tax rate.

I personally have tried to do some research, and have not yet found anything. This information was just released to my accountant yesterday, so I will continue searching.

My sister-in-law is also an accountant, so I will contact her to see if she has heard any of this information yet.

eatpraylove wrote:Not good changes: I was told that the Captial Gain Taxes on Foreign Currency has been raised. It could be up to 39%. Whomever held the meeting apparently made it sound as if Obama had wanted this done before January of 2012 (which it was), and that he (Obama) intended it to be higher, but he had to negotiate the tax rate.

I personally have tried to do some research, and have not yet found anything. This information was just released to my accountant yesterday, so I will continue searching.

My sister-in-law is also an accountant, so I will contact her to see if she has heard any of this information yet.

Hmmm .... I may be wrong, but Revenue bills have to originate in the House. (US Constitution Art.1 Section 7.1). Therefore President Obama can not raise tax rates regardless of how much he might want to. It would have to be proposed in the house, go to committee, be reported out of committee, pass in the House and be sent to the Senate. Pretty much the same process there, if anything is changed, it goes to a joint committee to be reconciled and is then voted upon by both houses. It then goes to the President for signing.

The President has no power over revenue, but he can limit spending. There have been battles in the past because of this both ways, with congress refusing to fund a president's pet project, and the president refusing to release funds for congresses.

While not good news, this just does not seem to pass the smell test ... If I am wrong, I am wrong, but I DO have a pretty good handle on the Constitution. :study: :study:

You are exactly right Kevind53, and that is apparently what happened. I did not state that Obama did this himself, I said "Whomever held the meeting apparently made it sound as if Obama had wanted this done before January of 2012 (which it was), and that he (Obama) intended it to be higher, but he had to negotiate the tax rate."

He along with the House and Senate had many negotiations before everyone came to an agreement, and the law/laws passed. This is the information given to me by my accountant.

I do not want to be in the line of fire, just bringing something to the table that to me personally has some meaning to part of this big puzzle.

Go RV!!!

My signature quotes Regan: Trust but verify, that's something I always try to do. I have done a search and find no bill increasing capital gains on currency or otherwise. I may have missed something, but I searched on Thomas, http://thomas.loc.gov/home/thomas.php the official keeper of the Congressional Records and found no reference. No bill = no law, so that's where I am coming from.

Kevind53,

Next time, please take the time to read my full posting.

" I personally have tried to do some research, and have not yet found anything. This information was just released to my accountant yesterday, so I will continue searching."

WHAT ABOUT THE 15% FOR LONG TERM CAPITAL GAINS..??? THIS HAS BEEN ACKNOWLEDGED AND VERIFIED BY NEARLY ALL OF THE GURUS.. WHY IS THIS A PROBLEM BEFORE WE KNOW IT HAS RV ED???

BURNS

eatpraylove wrote:You are exactly right Kevind53, and that is apparently what happened. I did not state that Obama did this himself, I said "Whomever held the meeting apparently made it sound as if Obama had wanted this done before January of 2012 (which it was), and that he (Obama) intended it to be higher, but he had to negotiate the tax rate."

He along with the House and Senate had many negotiations before everyone came to an agreement, and the law/laws passed. This is the information given to me by my accountant.

I do not want to be in the line of fire, just bringing something to the table that to me personally has some meaning to part of this big puzzle.

Go RV!!!

This makes a lot of sense to me.

I sit and watch the political games played and TRY to see if they have any relevance to the RV.

That whole DEBT ceiling crisis crap had at least one obvious purpose IMO...

An excuse to raise taxes. That is what Obama had been screaming the whole time and he threaten to veto any budget that didn't include revenue.

Now I don't hate Obama like everyone else on this site.. lol... So this is not an attack on him. A politician is a politician. Claiming one is better than the other is like saying one bandaid brand is better than another IMO... No matter who you choose, your gonna get the same temporary fix crap.

So I had been trying to see if any new or increased taxes came about since then. i searched to no avail...

UNTIL YOU! THX for this post. Great update.

And if anyone bashes you then they are idiots.

HEY BASHERS!!!! GOT SOMETHING TO SAY TO THIS GUY.... SAY IT TO YOUR ACCOUNTANT FIRST!!!

8) I got ya back

Family, NO one will know what to do on taxes until after the RV. It is rediculous to guess what is going to happen. Set yourself up for different outcomes. One plan at long term 15% one at long term 35% one with add-ons up to 40%. Have a plan for several different direction. When the IRS gives us the ruling AFTER the RV we will do what ever they tell us to do. There really is not anything else to it. NO ONE KNOWS what the IRS is going to do.
If it doesn't make sense it's none-sense... Blessings

the legislaturs bring up and pass laws then the pres signs them the way things are the republicans and grover will not pass any of these tax increases for the wealthy and hopping we will be there soon i spoke to my tax attorney and there is a possibilty insted of capital gains it could be added one to income it looks like many twists and turns until done one last thing the bush tax cuts are still in effect to help us

Spent a bit of time, can not find any new foreign currency laws of any kind, and nothing on the "revenue" (tax side). Called my CPA, he has not heard of it, (yet), but will get back to me within the week with a answere



Don't think so, and hope not, but I would not put anything passed our fine folks in DC to slip this in some other bill as so often happens.



Someone needs to find a bill number, ect....

You know, this was suppose to be a positive post, not negative. I looked at this in a positive light, being that my accountant was informed about new taxes in regards to Capital Gain Taxes on Foreign Currencies. This to me is an indication of an RV...POSITIVE. I do not care what the taxes will be. I'm making money on this investment, not losing it!

I do not go around telling everyone they are wrong. This is what I was told by my accountant today, and he was just informed yesterday. I would appreciate it if people would be more open, as we are all in this together!

Lets go RV!!!