tax on forex gains

Old Aug 25th 2009, 8:03 am
  #1  
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Default tax on forex gains

I have moved my wad back and forth from the UK to the US

No contracts and no brokers involved - just shifting money from one pocket to the other - one bank account to the other

I am US resident and I am up a LOT this year

Are any capital gains payable on me moving my own money around ?
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Old Aug 25th 2009, 11:22 am
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Default Re: tax on forex gains

Originally Posted by exvj
I have moved my wad back and forth from the UK to the US

No contracts and no brokers involved - just shifting money from one pocket to the other - one bank account to the other

I am US resident and I am up a LOT this year

Are any capital gains payable on me moving my own money around ?
ps let me add that I report my UK bank account to the US treasury and put the interest on my tax return

So what I am concerned with is the currency gain on the cash balance

I know that Australia and Canada tax any moves in foreign bank account balances due to exchange moves - the UK does not - it's the US I cant find out about
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