Comments and Global Economic News Sunday 5-5-2024
Good Evening
“Exchange gain of an individual from the disposition of foreign currency in a personal transaction is not taxable, provided that the gain realized does not exceed $200.”
There you have it. So long as you do not profit more than $200 from your foreign currency exchange as an individual you do not have to pay taxes.
If you gain more than $200 on your transaction in a foreign currency exchange, you are expected to pay taxes on an individual level.
Below, you will see new regulations on Corporate gains and losses of foreign currency exchange that have been proposed and went into effect in February 2024 of this year.
This is not tax advice. It is merely education, as always, with anything said in this room for you to check out later with your CPA. PWC Answer Connect 1 Answer Connect 2 Answer Connect 3 RSM US Answer Connect 4
© Goldilocks
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Biden Administration Surrenders to China on Final EV Regulations, Weakens America’s Trade Policies – House Committee on Ways and Means
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Proposed Foreign Currency Regulations
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How Forex Trades Are Taxed | Investopedia
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“If finalized, the regulations would generally be effective for taxpayers with tax years beginning on or after Jan. 1, 2025, which would end a decades-long administrative delay in the implementation of new rules. Affected taxpayers should assess their existing Section 987 methods and the potential impact of adopting the proposed regulations early.”
Bottom line, please check with your CPA when you receive your money for the new laws that have been applied to foreign currency exchanges for individuals just this year.
It’s better to be safe than sorry. New laws are coming into the books late last year and this year in foreign currency exchanges, and I just simply want you to not be penalized for something so many of us have waited so many years to receive.
And, if you are under a contract for this Exchange, you do not want to take the chance of having your funds clawed back. This is our only chance at this in this lifetime. Opportunities do not come like this very often.
These new regulations for foreign currency exchange could very well have been set for January 1, 2026, but it wasn’t.
Are we hearing the need for foreign currency exchange regulations to be done and implemented by the first of the year in case there is a need to do something with them between now and then? Grant Thornton
© Goldilocks
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“The international group could create an alternative currency based on their national legal tenders, according to Alexey Mozhin FILE PHOTO. © Iliya Pitalev; Ria Novosti
The BRICS group of nations could offer an alternative currency in the event of a collapse of the dollar and the international monetary system, according to Russia’s executive director at the International Monetary Fund, Alexey Mozhin.”
Do you ever wonder why the Dollar Act (HR 556) is currently in the legislative books just in case the above does happen? See the link below.
© Goldilocks
BRICS should be ready for dollar collapse | AZERBAYCAN24 Congress
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Hong Kong: Introducing Spot Crypto Trading | Global Finance Magazine
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Iraq seeks more investors for mega rail project | Zawya
