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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Biomaven who wrote (186914)	12/5/2014 1:37:48 AM
From: Elroy Jetson	Read Replies (1) \| Respond to of 206326

Gains over $200 are taxable according to some person writing his own commentary, but you have to look at what the code actually says, and case law in Tax Court. There is absolutely no substance in the code which applies to personal bank accounts, other than interest earned - unless the bank account is part of a business or trade, or part of a larger investment. The legal code doesn't says personal currency losses aren't deductible nor does it say personal currency gains are taxable. This is just someone's poorly thought out guidance which came to them in a dream one night. The only part which has been tested in case law in Tax Court is retirees in Mexico trying to deduct their losses on their savings in Mexican banks after the Lopez Portillo devaluation. There is no Tax Court ruling where the IRS has asserted taxes due on the increased value of a foreign currency in someone's personal bank account in another country. The IRS doesn't even have forums to report anything like this, other than foreign interest. Romeny's wife had personal accounts in the Cayman Islands. Look at their public tax returns to see where she reported the changing value of her Cayman Dollars while she had the account or after she closed it. There isn't any such entry in their tax returns. When Bush became President they added the annual Treasury filing TD F 90-22.1 because of some delusional belief that every American with bank accounts in foreign countries were in the business of funding terrorists. The level of paranoia involved in their thinking was simply bizarre. Now they have a blizzard of paper filings showing the bank accounts Americans have all around the world and they haven't the slightest idea what to do with it all, with most of the paper filings ever being scanned into machine readable format so anyone could even attempt to do anything with the information. It's enough to simply comply with actual tax code and case law.