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.
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