cryptohunter
Active member
- PPF Points
- 2,738
In the USA, exchanging US dollars for foreign currency for personal use, like before international travel, generally doesn't have direct tax implications. These exchanges are seen as personal financial activities and aren't typically taxed.
For businesses in international trade or individuals making significant foreign currency transactions for investments, tax considerations may arise. Profits or losses from these transactions could be subject to capital gains tax.
It's crucial to understand that tax rules can be intricate and may change. People and businesses involved in substantial currency exchanges should consult with tax professionals to ensure compliance with current tax laws.
For businesses in international trade or individuals making significant foreign currency transactions for investments, tax considerations may arise. Profits or losses from these transactions could be subject to capital gains tax.
It's crucial to understand that tax rules can be intricate and may change. People and businesses involved in substantial currency exchanges should consult with tax professionals to ensure compliance with current tax laws.
