Don41 Posted August 11, 2013 Report Share Posted August 11, 2013 I had my CPA research the tax law concerning currency. This is what he told me. Since my largest purchase was not in 2013, but actually 10 years ago, my taxes would be 20%. Any Dinar purchased in 2013 would have to pay the larger rate which I believe is 37%. So if you purchased prior to 2013, you will pay less funds. I have also heard that the Treasury Dept. has stated that there are no takes on currency, but that Congress is concerning a 2 or 3% taxes. Last, I contacted my Congressman and ask them to give me an accurate amount I might owe in Federal Taxes. As of this date I have not received word yet. But his staff said they would research it an get back to me. 6 1 Link to comment Share on other sites More sharing options...
Rusty69 Posted August 11, 2013 Report Share Posted August 11, 2013 How about Canadese Taxes ? Where Can We get Some Info specifically for This eventi. Link to comment Share on other sites More sharing options...
Chartman17 Posted August 11, 2013 Report Share Posted August 11, 2013 Quote: How about Canadese Taxes ? Where Can We get Some Info specifically for This eventi. I think you have to go talk to a Chartered Public Accountant in Canada. Either Google them or walk through the Yellow Pages in your local phone book. He or She can give you a ball park answer. Link to comment Share on other sites More sharing options...
universal_exports Posted August 11, 2013 Report Share Posted August 11, 2013 I wonder how this works for those who cant prove when they bought them, I got mine on deployment is 2004 and 2008. 3 Link to comment Share on other sites More sharing options...
Chartman17 Posted August 11, 2013 Report Share Posted August 11, 2013 I wonder how this works for those who cant prove when they bought them, I got mine on deployment is 2004 and 2008. If you pay U.S. taxes, you will be paying 20% (long term capital gains rate). Long Term is defined as holding the asset for one year. I like to put a safety buffer on the time frame and hold it one year + one day. You can't get into trouble doing that. I had my CPA research the tax law concerning currency. This is what he told me. Since my largest purchase was not in 2013, but actually 10 years ago, my taxes would be 20%. Any Dinar purchased in 2013 would have to pay the larger rate which I believe is 37%. So if you purchased prior to 2013, you will pay less funds. I have also heard that the Treasury Dept. has stated that there are no takes on currency, but that Congress is concerning a 2 or 3% taxes. Last, I contacted my Congressman and ask them to give me an accurate amount I might owe in Federal Taxes. As of this date I have not received word yet. But his staff said they would research it an get back to me. Not to be picky but you have to hold your assets longer than one year. One year and a day works. So if you bought your asset on August 13, 2012, the sale on Monday is STILL Short Term and not subject to the preferential tax rate of 20% (Long Term). However, if you cling on to your asset until August 14, 2013, you are subject to the preferred tax rate of 20%. 3 Link to comment Share on other sites More sharing options...
stealthwarrior Posted August 12, 2013 Report Share Posted August 12, 2013 The U.S. government has laws coming into effect in 2014 that gives it unpressedented reach as far as the dollar goes.they will be able to get to your bank account no matter what country you have your account.this is why thousands of people are leaving here and turning in thier u.s. passport renouncing citizenship. 6 Link to comment Share on other sites More sharing options...
Nadita Posted August 12, 2013 Report Share Posted August 12, 2013 I had my CPA research the tax law concerning currency. This is what he told me. Since my largest purchase was not in 2013, but actually 10 years ago, my taxes would be 20%. Any Dinar purchased in 2013 would have to pay the larger rate which I believe is 37%. So if you purchased prior to 2013, you will pay less funds. I have also heard that the Treasury Dept. has stated that there are no takes on currency, but that Congress is concerning a 2 or 3% taxes. Last, I contacted my Congressman and ask them to give me an accurate amount I might owe in Federal Taxes. As of this date I have not received word yet. But his staff said they would research it an get back to me. Don31, Thank you for verifying it with your accountant as my accountant said the same thing.. capital gain 20% plus obama care 3.4% and state tax.. if you don't pay state tax, you are the lucky duck 1 Link to comment Share on other sites More sharing options...
Kaduku Posted August 12, 2013 Report Share Posted August 12, 2013 How about Canadese Taxes ? Where Can We get Some Info specifically for This eventi. You would think at your Canadian Tax office...IF it's NOT already CORRUPTED by obama the fraud muslim!!!! 4 7 Link to comment Share on other sites More sharing options...
tankdude Posted August 12, 2013 Report Share Posted August 12, 2013 ExecConsult - a member here at DV who is an estate planning attorney - has some great information here http://whatisiraqidi...me-tax-analysis In a nutshell, he writes - "Be safe with the IRS – it is ordinary income under Section 988. Dinar investors should expect to pay 35% maximum federal tax rate as ordinary income following any income event with their dinar." I will add the disclaimer - he is an attorney and not a tax consultant. He has done some great research, but it is just his opinion. Myself personally - I'm planning on it being treated as ordinary income and will pay such taxes as are appropriate - and if I find out otherwise, will then do an appeal to get the rest back. The IRS is one of those "federal watchdog" groups that can play rough. Look at Al Capone....*lol* Remember the IRS motto - "We have what it takes to take what you have." 3 Link to comment Share on other sites More sharing options...
uh1chief Posted August 12, 2013 Report Share Posted August 12, 2013 universal_exports, I too bought my dinar in down town Baghdad in the spring of 2004. I have had a few places tell me that "if" they take the dinar they will need a receipt to prove I bought it. CBI did not give that. Nadita, thanks for the information. Link to comment Share on other sites More sharing options...
Nadita Posted August 12, 2013 Report Share Posted August 12, 2013 Another thought for whom bought dinar during the service in Iraq : if the bank or whoever doing the exchange, requires proof that you bought it longer than a year.. I think you could probably use your deployment date. I am not an expert on this one but my brain is thinking lol Link to comment Share on other sites More sharing options...
edgarcia57 Posted September 12, 2013 Report Share Posted September 12, 2013 I wonder how this works for those who cant prove when they bought them, I got mine on deployment is 2004 and 2008. you should be able to use your deployment orders to Iraq to prove that you was in country that year, plus your Iraqi dinars have the year of print on it. Link to comment Share on other sites More sharing options...
SgtFuryUSCZ Posted September 12, 2013 Report Share Posted September 12, 2013 ***/// Bumping this important thread..... Link to comment Share on other sites More sharing options...
WoodChopper Posted September 14, 2013 Report Share Posted September 14, 2013 ExecConsult - a member here at DV who is an estate planning attorney - has some great information here http://whatisiraqidi...me-tax-analysis In a nutshell, he writes - "Be safe with the IRS – it is ordinary income under Section 988. Dinar investors should expect to pay 35% maximum federal tax rate as ordinary income following any income event with their dinar." I will add the disclaimer - he is an attorney and not a tax consultant. He has done some great research, but it is just his opinion. Myself personally - I'm planning on it being treated as ordinary income and will pay such taxes as are appropriate - and if I find out otherwise, will then do an appeal to get the rest back. The IRS is one of those "federal watchdog" groups that can play rough. Look at Al Capone....*lol* Remember the IRS motto - "We have what it takes to take what you have." In other words tankdude, when our ship comes in the guberment will dock it for us! WoodChopper 1 Link to comment Share on other sites More sharing options...
Chartman17 Posted September 16, 2013 Report Share Posted September 16, 2013 The Guberment may not know how to dock it for us! 2 Link to comment Share on other sites More sharing options...
Nadita Posted September 16, 2013 Report Share Posted September 16, 2013 The Guberment may not know how to dock it for us! Question is.. do they know where the dock is ? 1 Link to comment Share on other sites More sharing options...
gymrat76541 Posted September 16, 2013 Report Share Posted September 16, 2013 I purchased mine in Iraq in 2005. I have the passport stamps to prove it was there during that time. Do you think that this will serve as my verification? Link to comment Share on other sites More sharing options...
Chartman17 Posted September 19, 2013 Report Share Posted September 19, 2013 I believe that your passport stamps is verification, gymrat76541. The one thing the I.R.S. takes as fact is DOCUMENTATION. Link to comment Share on other sites More sharing options...
Chartman17 Posted September 19, 2013 Report Share Posted September 19, 2013 Question is.. do they know where the dock is ? If they don't, it's their bad...lol Link to comment Share on other sites More sharing options...
waterman13 Posted September 19, 2013 Report Share Posted September 19, 2013 People, do your research, go deep, not just on the surface. WM13 Link to comment Share on other sites More sharing options...
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