25 replies to this topic

[lrsfwm]

We are a 501c3 foundation that was given some dinar about 5 years ago. We have been told there must be a receipt in order to cash in. Does anyone have helpful info?

[TXNOLE]

No sir, no receipt necessary.........please just step over to the customer service window and we will complete the exchange for you!
Great, huh?

GO RV!

[Fleming]

That's good to know... I was wondering about that myself; i.e., what kind of paper trail would be necessary, if any...
Thanks, TXNOLE........

[TXNOLE]

Yeah, all they will want to know when the time comes, is it counterfeit?
Where are you in Texas, Fleming?

GO RV!

[Markinsa]

Dinar is a currency. It is just like a bearer bond, or bearer share, whoever holds it, owns it. When was the last time you went to a bank and gave them money, and they wanted to see a receipt showing where you got it? They don't! No, you don't need a receipt. PERIOD!


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[Fleming]

Yeah, all they will want to know when the time comes, is it counterfeit?
Where are you in Texas, Fleming?

GO RV!

San Angelo area.........

[lrsfwm]

That's good to know... I was wondering about that myself; i.e., what kind of paper trail would be necessary, if any...
Thanks, TXNOLE........

Thank you. My contrary info was coming from Canadian sources. Being a charitable foundation we have no knowlege of the dinar or any procedures. Since our foundation is presently banking with a Federal Credit Union they do no0t exchange any foreign currency.

[SgtFuryUSCZ]

We are a 501c3 foundation that was given some dinar about 5 years ago. We have been told there must be a receipt in order to cash in. Does anyone have helpful info?

***///
Notarized Copy of a 'GIFTING STATEMENT'
just in case...
C.Y.A., Baby (for both the charity & the gifter)

Edited by SgtFuryUSCZ, 21 January 2012 - 10:31 PM.

[TXNOLE]

San Angelo area.........

Houston here.....big contingent of Texans on the forum! Nice to meet you.

[DetroittoAZ]

Thanks!!!

[Fleming]

This kinda relates to a concern of mine… gifting letters… I’m sure there must be a post about it somewhere, but I haven’t found it yet… I’m not looking for a sample letter, I’ve found those all over the Internet… what I’m wondering, will I need one?.. I’m thinking about giving a friend one of my 5K notes at RV… I can see needing the paperwork if I were to have given it to her more than a year before RV, she’d need to show it’s a long-term capital gain (I think that’s right, but correct me if not).. but is it really necessary for a short-term, when it will be treated as ordinary income for tax purposes?..

Thanks for any help… y’all are the best!..

[Markinsa]

How to Document Something Under Gift Tax Exclusion


While the federal government has mandated that all gifts be subject to a gift tax in this country, they have also allowed gift tax exclusions to protect smaller gifts from heavy penalties. Those exclusions come in two forms, and most must be documented on the donor’s tax return in the year following the one in which a gift is given. The good news is that even if the return is not reflecting gift taxes to be paid, it helps the filer avoid all government investigations more than three years after the claim.


Gift Tax Exclusions
The two primary types of gift tax exclusions cover smaller gifts given in one year, or slightly larger gifts given over a lifetime:

• There is a gift tax exclusion for individual gifts of $13,000 or less (as of 2009), no matter how many are given. No gift taxes must be paid for these gifts.

• There is another gift tax exclusion for gift amounts over $13,000 that may be claimed for those overages, up to $1 million in the filer’s lifetime. Only the amount over $13,000 must be claimed under this exclusion. Some filers may not wish to claim this exclusion, since any amount that remains upon their death can add to an estate tax exclusion, which has been repealed for 2010 but is set to be reinstated in 2011 in the amount of $1 million.

Several types of gifts are exempt from gift taxes at all, including:

• Gifts to spouses

• Gifts to political organizations for their use

• Charitable contributions

• Gifts of tuition that are paid directly to the school

• Gifts for medical expenses that are paid directly to the medical facility

Reporting Gift Tax Exclusions
When a taxpayer gifts a gift that qualifies for certain gift tax exclusions, they must document the exclusions, even if they are not required to pay any taxes on the gift at all. Individuals must file IRS form 709 if they have gift tax exclusions such as the following:

• Gifts that are more than the minimum annual gift tax exclusion (currently $13,000) whether they actually paid taxes on that gift or not

• Gifts on which gift splitting rules were applied by a donor and their spouse

The Form 709 Gift Tax Return must include documentation of the fair market or appraisal value of any property or real estate that was given as a gift confirming the gift amount claimed, the tax basis of the gift, as well as the name of the recipient of that gift. It may be wise to file a Form 709 even if property was sold to a child or other family member at fair market value in case the IRS chooses to investigate whether it was a sale or a partial sale and partial gift.


Getting Legal Help with Gift Tax Returns
Documentation is the key to protecting citizens from investigation and charges of fraud by the IRS in cases that are complex and based primarily on the word of the filer. The more documentation the filer produces, the less likely they will be to face an audit or investigation. It may be wise to enlist the aid of a tax attorney to ensure that all the necessary forms are completed and documentation is included on a Gift Tax Return.

[Alex38]

no receipt needed.

[DinarBot]

This topic has been argued for years. Many Humans said yes. But. Recent (2010/2011) purchases/sales made at A Currency Exchange House USA/CANADA (Tampa/Toronto) have resulted in NO request for receipt FROM Customer (Upon Sale) and NO sales receipt printed UPON purchase. Why did DinarBot Team sell then buy you ask. One member wanted out for personal reasons. Another new member (6 months later) wanted in.

Now. To be forthright. Team has Bank Receipts time and date stamped by teller for much IQD. We suggest you buy from bank only. But. Do not believe it to be mandatory considering the circumstances revolving around recent purchases and sales.

Edited by DinarBot, 22 January 2012 - 10:55 AM.

[HopefulTxn]

This kinda relates to a concern of mine… gifting letters… I’m sure there must be a post about it somewhere, but I haven’t found it yet… I’m not looking for a sample letter, I’ve found those all over the Internet… what I’m wondering, will I need one?.. I’m thinking about giving a friend one of my 5K notes at RV… I can see needing the paperwork if I were to have given it to her more than a year before RV, she’d need to show it’s a long-term capital gain (I think that’s right, but correct me if not).. but is it really necessary for a short-term, when it will be treated as ordinary income for tax purposes?..

Thanks for any help… y’all are the best!..

JMO, but since there are arguments for both sides of the tax implications it would probably be better to go ahead and have the paperwork, just in case it could be useful. As they say, it's usually better to have something and not need it than to need it and not have it.

[lomeygoat]

This kinda relates to a concern of mine… gifting letters… I’m sure there must be a post about it somewhere, but I haven’t found it yet… I’m not looking for a sample letter, I’ve found those all over the Internet… what I’m wondering, will I need one?.. I’m thinking about giving a friend one of my 5K notes at RV… I can see needing the paperwork if I were to have given it to her more than a year before RV, she’d need to show it’s a long-term capital gain (I think that’s right, but correct me if not).. but is it really necessary for a short-term, when it will be treated as ordinary income for tax purposes?..

Thanks for any help… y’all are the best!..

The banks dont or will not care about taxes at cash in, just there spread. Only the IRS will be chomping at the bit for there cut. You know in England the dinar is not taxed if you say you bought it to visit Iraqi but changed your mind!!!!
According to HM Customs & Revenue .... it's tax exempt
Some assets aren't liable to Capital Gains Tax at all because they’re exempt. These include:
• your car
• personal possessions worth up to £6,000 each, such as jewellery, paintings or antiques
• stocks and shares you hold in tax-free investment savings accounts, such as ISAs and PEPs
• UK Government or 'gilt-edged' securities, for example, National Savings Certificates, Premium Bonds and loan stock issued by the Treasury
• betting, lottery or pools winnings
• personal injury compensation
• foreign currency you bought for your own or your family's personal use outside the UK

Edited by lomeygoat, 04 March 2012 - 02:39 PM.

[otownpilgrim]

How to Document Something Under Gift Tax Exclusion


While the federal government has mandated that all gifts be subject to a gift tax in this country, they have also allowed gift tax exclusions to protect smaller gifts from heavy penalties. Those exclusions come in two forms, and most must be documented on the donor’s tax return in the year following the one in which a gift is given. The good news is that even if the return is not reflecting gift taxes to be paid, it helps the filer avoid all government investigations more than three years after the claim.


Gift Tax Exclusions
The two primary types of gift tax exclusions cover smaller gifts given in one year, or slightly larger gifts given over a lifetime:

• There is a gift tax exclusion for individual gifts of $13,000 or less (as of 2009), no matter how many are given. No gift taxes must be paid for these gifts.

• There is another gift tax exclusion for gift amounts over $13,000 that may be claimed for those overages, up to $1 million in the filer’s lifetime. Only the amount over $13,000 must be claimed under this exclusion. Some filers may not wish to claim this exclusion, since any amount that remains upon their death can add to an estate tax exclusion, which has been repealed for 2010 but is set to be reinstated in 2011 in the amount of $1 million.

Several types of gifts are exempt from gift taxes at all, including:

• Gifts to spouses

• Gifts to political organizations for their use

• Charitable contributions

• Gifts of tuition that are paid directly to the school

• Gifts for medical expenses that are paid directly to the medical facility

Reporting Gift Tax Exclusions
When a taxpayer gifts a gift that qualifies for certain gift tax exclusions, they must document the exclusions, even if they are not required to pay any taxes on the gift at all. Individuals must file IRS form 709 if they have gift tax exclusions such as the following:

• Gifts that are more than the minimum annual gift tax exclusion (currently $13,000) whether they actually paid taxes on that gift or not

• Gifts on which gift splitting rules were applied by a donor and their spouse

The Form 709 Gift Tax Return must include documentation of the fair market or appraisal value of any property or real estate that was given as a gift confirming the gift amount claimed, the tax basis of the gift, as well as the name of the recipient of that gift. It may be wise to file a Form 709 even if property was sold to a child or other family member at fair market value in case the IRS chooses to investigate whether it was a sale or a partial sale and partial gift.


Getting Legal Help with Gift Tax Returns
Documentation is the key to protecting citizens from investigation and charges of fraud by the IRS in cases that are complex and based primarily on the word of the filer. The more documentation the filer produces, the less likely they will be to face an audit or investigation. It may be wise to enlist the aid of a tax attorney to ensure that all the necessary forms are completed and documentation is included on a Gift Tax Return.

Thanks Markinsa,

So if I gifted $12,999 worth of IQD to an offshore company in 2011, then I did another $12,999 worth of IQD in 2012, I would not have to pay any taxes...right?

[Markinsa]

Thanks Markinsa,

So if I gifted $12,999 worth of IQD to an offshore company in 2011, then I did another $12,999 worth of IQD in 2012, I would not have to pay any taxes...right?

Anything over $13,000 is applied to a lifetime limit of $5,000,000. So I think you're trying to jump through hoops.

We've got a thread in OSI that goes into more detail on how to handle it for your IBC.

http://dinarvets.com...gifting-amount/

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[azgoldengirl]

I wanna be a Texan

[Markinsa]

I wanna be a Texan

Doesn't everyone???? God's Country!!!!

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