[Response to Guru Henig post 3-16-2024 below] The taxation issue is not complex and I have it directly from the taxing authority (IRS) and an agent within the IRS. The taxation will be a matter of choice (YOU DECIDE). You may either pay tax as “REGULAR INCOME” or as Capital Gains. YOU CHOOSE! Depending on your structuring for tax advantages…Regular Income is the easiest way to deal with the income/profits as it is amenable with classic Asset Protection…The notion that you must have receipts is not true because you can choose Regular Income.
Above mentioned post is below
Henig Question about Guru Frank26 tax post 7-15-2024 below “I specifically asked last year did we have to have receipts of when we purchased dinar...i was told no we did not. now…frank says-Yes you’re going to pay taxes, that’s why it’s important to have a receipt…please let me in on what is going on. need receipts or not?” IMO receipts aren’t needed for the exchange transaction itself…But when you do your taxes I believe there’s a VERY good chance that the IRS would want to know the dates on which you purchased your currency in order to determine whether it falls into long term capital gains or short term capital gains for tax purposes.
