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  • I am planning to import goods from china, I want to know that which foreign exchange rate is applicable upon me for buying chinese yen Bank's "ASK rate" or "BID rate"?
  • I am recently being audited by the Internal Revenue Service department and we both disagreed on a single point. In year 2001 I bought a house in Switzerland for CHF 1.25 Million and sold it for CHF 1Million in 2008. So, constructively I had a loss of CHF 250,000 which is equal to USD 220,000 exchange rate of october 2008). However, the revenue department argues that I had a profit of USD 30,000 , because when i purchased the 1.25million CHF's in year 2001 the purchase price of it was only about $850,000 at the exchange rate of 2001, whereas the selling price was USD 880,000 at the exchange rate of 2008. Is the action of IRS is legal, i need to know the relevant law or tax code (if any)
  • Commissions paid for foreign exchange transactions is an expense incurred while conducting a foreign exchange transaction, i want to know whether such commission paid is deductible as ordinary income/loss on line 21 of your form 1040 (claiming the income/loss under section 988/1256) or do these commisions need to be reported seprately on schedule D (capital gains/losses)?
  • In january I tool a loan which does not qualify as under IRS, now I have incurred an unrealised foregin exchage currency loss on that loan. Is there any sort of tax relief present on such loss.
  • I have incurred losses of 20000 USD in spot trading of foreign exchange. Now I have choosen to elect section 988 of IRS which deals with the investments made in foreign currency. I need to know Should I just enter these under "less common income" as negative ?

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