rumor] TAX POST: Spent almost 3 hours with IRS today and here in a nutshell what they told me, coming from their Law Dept on Currency. Currency is not considered an investment. It is NOT a Capital Gain because it is not the sale of anything. Currency Exchange is treated as an exchange and not the sale of an asset. You would have to pay taxes on currency if purchased through an exchange such as the Forex, but currency is not treated like a bond, stock etc. the only way you could be taxed on currency is if congress passes a NEW LAW to collect taxes on this event. This was told to me by an IRS Law Dept Lawyer. I would like someone out there to show me proof or where in the IRS Tax Code where Currency is considered a capital gain. The IRS sure as hell could not show me or tell me that it was. Where is everyone getting this information that currency is a capital gain? I think this is made up just like a lot of the other information on these blogs.
[11:10:31 AM] pcranwill: some one please research this blessings Pat