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Foreign Exchange Rate to use for Tax
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Topic: Foreign Exchange Rate to use for Tax (Read 16480 times)
Ponkie
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Foreign Exchange Rate to use for Tax
«
on:
August 11, 2018, 01:54:33 pm »
Hi guys,
I have made some short term profits this year on the US stock market and need to declare my gains to SARS.
Now my questions do I need to use a daily rate when I did the trade or can I use SARS's average rate for the period?
Thanks!
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Nivek
Sr. Member
Posts: 295
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Re: Foreign Exchange Rate to use for Tax
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Reply #1 on:
August 11, 2018, 07:21:15 pm »
I've always used the average because it's so much easier, but I believe you're allowed to choose, so I'd use whichever means I'd pay less tax!
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Ponkie
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Re: Foreign Exchange Rate to use for Tax
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Reply #2 on:
August 11, 2018, 07:56:18 pm »
Thanks Nirvek!
That was my understanding too...
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Orca
Hero Member
Posts: 2280
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Re: Foreign Exchange Rate to use for Tax
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Reply #3 on:
August 13, 2018, 09:54:23 am »
Calculate your gains/losses in USD and then convert to ZAR.
https://www.bportugal.pt/conversor-moeda
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I started here with nothing and still have most of it left.
Ponkie
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Re: Foreign Exchange Rate to use for Tax
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Reply #4 on:
September 05, 2018, 08:33:21 pm »
Thanks Orca!
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Aldrin
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Re: Foreign Exchange Rate to use for Tax
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Reply #5 on:
September 11, 2018, 04:49:53 am »
Here is some useful information on Taxes concerning Foreign Exchange Products
https://usdtozar.com/sarsimplicationtocryptocurrencies
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Last Edit: September 11, 2018, 04:52:26 am by Aldrin
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Foreign Exchange Rate to use for Tax