Quote Originally Posted by tiffany View Post
I've quoted my initial post in this thread just to update...

I went to my SAME tax lady this year to file my tax return papers in January. She looked at me over her desk and asked me "How is that foreign money working for you?....Iraqi, wasn't it?" I can read people pretty well, and I could tell that she TOTALLY KNEW that it was Iraqi currency, and I just told her that with all of the postitives coming out of Iraq, it looks like it won't be long at all. THEN I asked her about the tax situation again....she now switched her story to "Yes, of course hun! It would be either short or long term Capital Gains Tax." So, just maybe she did a little research and got some herself? I told her she should last year! We'll see!
I talked to our tax accountant about it this year, (have to have an accountant as hubby has his own business) and he confirmed that it would be long term or short term capital gains depending on how long you have held it!