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• 1. H

     How does IRS apply tax on profit when the foreign currency is involved?

     @Taxing Matters Thank you, all is clear now. (y)

     • Hexensage
     • Post #15
     • Dec 27, 2020
     • Forum: Tax Law
  2. H

     How does IRS apply tax on profit when the foreign currency is involved?

     OK, got it. So if someone has $49,700 (which is not enough for mandatory filing of the Form 8938), but the money was on the savings account and once the profit (gained from the interest rate) exceeds $300 so that the overall sum is >$50,000, reporting to IRS becomes mandatory as the threshold is...

     • Hexensage
     • Post #13
     • Dec 27, 2020
     • Forum: Tax Law
  3. H

     How does IRS apply tax on profit when the foreign currency is involved?

     Thank you, noted! What about my assumption (above) that once funds hit the savings account (which supposes interest rate) the obligation to declare profit gained from the interest rate arises? Regardless of the size of the profit? And this is Form 8938 a.k.a. FATCA, right?

     • Hexensage
     • Post #11
     • Dec 26, 2020
     • Forum: Tax Law
  4. H

     How does IRS apply tax on profit when the foreign currency is involved?

     Thank you for this input. As @Taxing Matters correctly mentioned there was no mortgage. However, smth. is not finally clear to me regarding reporting of the funds gained from the sale deal (that very "FATCA/FBAR issue" @Taxing Matters refers to above). The funds (sales price of the real estate)...

     • Hexensage
     • Post #9
     • Dec 26, 2020
     • Forum: Tax Law
  5. H

     How does IRS apply tax on profit when the foreign currency is involved?

     Thank you guys for clarifying this topic for me. @Taxing Matters world is small, uh? :) Yes, it's me. This particular point may ruin my plans (you know them), as the currency exchange rate has changed in the favor of that guy. So I decided to double-check this part and ask others on alternative...

     • Hexensage
     • Post #6
     • Dec 22, 2020
     • Forum: Tax Law
  6. H

     How does IRS apply tax on profit when the foreign currency is involved?

     Hi all, let's assume an American citizen (and tax resident) has bought the real estate in Thailand in 2015 for THB 300 000, which was US$ 100 000 in accordance with the THB/US$ exchange rate(*) for the date the deal was closed. In 2019 he sells this real estate for THB 350 000, which was US$ 90...

     • Hexensage
     • Thread
     • Dec 21, 2020
     • Replies: 14
     • Forum: Tax Law