“Net short-term capital gains are subject to taxation as ordinary income at graduated tax rates”…directly from the actual official IRS.Gov Tax Topic #409; pages 1-2. My research also shows the following statement of fact in: IRS Publication 525; Taxable and Nontaxable Income – page 34; “Foreign currency transactions. If you have a gain on a personal foreign currency transaction because of changes in exchange rates, you don’t have to include that gain in your income unless it’s more than $200. If the gain is more than $200, report it as a capital gain.” [Post 2 of 2] [NOTE: Consult your tax professionals at the appropriate time to determine the correct tax for your unique circumstances and exchange strategy.]
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