Ask Tax Questions
If I were to exchange a foreign currency, in an amount that could be 8 figures,what must I do to have that be capitol gains and not personal tax? Should I use a trust for a business or a LLC?'
I am not a tax professional.
TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here
Tax Professional Answers
It depends. It's really got nothing to do with the fact it is being converted into USD. It has to do with where the money came from (not the location, how it became yours) and your residency status and if taxes were paid on it in a foreign country. Can you provide some more detail?Leave a Comment 248 weeks ago