Proof of Purshase

[KathyJB]

We moved to our current location 6 years ago.  I am uncertain if I still have the papers I received when we bought our dinars.  They may be in the safety deposit box, I haven't looked in a few years.  Adams email today got me to thinking about it.  Am I in deep doo doo if I don't have a proof of purchase?

[Saint]

Not to my knowledge, may just depends on the location you cash in at.

[KathyJB]

Great.  Thanks

[olivesman]

Needing proof of purchase is a big fallacy. Once it RVs, cash is CASH is Cash.

[dontlop]

If you want to cash them in where you bought them they will have records of it

Safe dinar sent me all mine they can just print it out

If you sign up for an account at safe dinar if you bought there in the past there's a page of your records you can copy

Try where ever you bought them

I lost my email account and thought they wouldn't help me but they did

But it the dinar goes international you won't need a rrciept

I returned some dong to the airport and they didn't need any reciept

If you go to Europe and want to exchange some dollars for euro they won't ask you for a reciept for your dollars first

[FlintNPebbles]

I agree with Saint.   If you try to exchange them with whom you bought them from, you may need proof of purchase. However, if you are going to the bank to exchange you will not need proof of purchase. They are going to make sure they are not counterfeit, other than that they don't care where you got them or when you got them.   We purchased ours directly in Iraq while my husband was deployed there.  He did not come home with a proof of purchase because he was not "purchasing" the dinar, he was exchanging his USD for IQD.

[rulesforrebels]

I agree with Saint.   If you try to exchange them with whom you bought them from, you may need proof of purchase. However, if you are going to the bank to exchange you will not need proof of purchase. They are going to make sure they are not counterfeit, other than that they don't care where you got them or when you got them.   We purchased ours directly in Iraq while my husband was deployed there.  He did not come home with a proof of purchase because he was not "purchasing" the dinar, he was exchanging his USD for IQD.

There is no difference between doing a currency exchange and purchasing foregin currency, its all the same thing. When my friend from teh UK comes here with his pounds he walks into a currency exchange and says I wanna buy dollars. It always strikes me as wierd to say that he's purchasing dollars as opposed to I need to convert my money or I need to do an exchange but it's really nothing but semantics. Foreign people seem to refer to it as purchasing the local currency where as it seems most Americans more talk about I need to convert my dollars into pespo or into Euros or whatever.

 

As for records, nobody cares about receipts and nobody will. Cash is cash. The only plausible reason to possibly need receipts would be to show a longterm or shorterm gain ie showing how long you held them for as over a year is typically considered a long term where as under a year is short term and its taxed differntly however for all I know Dinar or currency exchange isn't even taxed that way and is taxed as ordinary income or something. I know IRS acutally has a page telling what the deal is with foreign currency gains over $200, don't recall what they say though.

[KathyJB]

They have been in the safety deposit box for gosh over 10 years?  I don't even remember where we bought them from, dinars.com?  I hope they rv before I lose my memory all together 

[FlintNPebbles]

There is no difference between doing a currency exchange and purchasing foregin currency, its all the same thing. When my friend from teh UK comes here with his pounds he walks into a currency exchange and says I wanna buy dollars. It always strikes me as wierd to say that he's purchasing dollars as opposed to I need to convert my money or I need to do an exchange but it's really nothing but semantics. Foreign people seem to refer to it as purchasing the local currency where as it seems most Americans more talk about I need to convert my dollars into pespo or into Euros or whatever.

 

As for records, nobody cares about receipts and nobody will. Cash is cash. The only plausible reason to possibly need receipts would be to show a longterm or shorterm gain ie showing how long you held them for as over a year is typically considered a long term where as under a year is short term and its taxed differntly however for all I know Dinar or currency exchange isn't even taxed that way and is taxed as ordinary income or something. I know IRS acutally has a page telling what the deal is with foreign currency gains over $200, don't recall what they say though.

Yup....that is what I tried to convey.  

[gymrat76541]

Once this puppy goes international and has actual value every bank dealing with internationally accepted currency will not care!

 

The paperwork will only serve if you wish to prove to the IRS this is a long term or short term investment!

[stealthwarrior]

No proof of purchase on any currency

[haden'sdad]

proof of purchase is more of a tax issue. good ol uncle sam is more interested in this than anybody else. jmo

[KathyJB]

There is no difference between doing a currency exchange and purchasing foregin currency, its all the same thing. When my friend from teh UK comes here with his pounds he walks into a currency exchange and says I wanna buy dollars. It always strikes me as wierd to say that he's purchasing dollars as opposed to I need to convert my money or I need to do an exchange but it's really nothing but semantics. Foreign people seem to refer to it as purchasing the local currency where as it seems most Americans more talk about I need to convert my dollars into pespo or into Euros or whatever.

 

As for records, nobody cares about receipts and nobody will. Cash is cash. The only plausible reason to possibly need receipts would be to show a longterm or shorterm gain ie showing how long you held them for as over a year is typically considered a long term where as under a year is short term and its taxed differntly however for all I know Dinar or currency exchange isn't even taxed that way and is taxed as ordinary income or something. I know IRS acutally has a page telling what the deal is with foreign currency gains over $200, don't recall what they say though.

 

 

Well if we all have had them over a year, are we going to be taxed twice on them?  I remember our cpa saying something about that gain thing years ago.

[rulesforrebels]

 

 

Well if we all have had them over a year, are we going to be taxed twice on them?  I remember our cpa saying something about that gain thing years ago.

What do you mean by taxed twice? I don't see how you have been taxed once as you don't pay tax when buying/exchanging currency so you've paid no taxes on the Dinar your currently holding.

 

Tax rates on investments vary depending on whether you held that investment for longer than a year or shorter than a year. I'll post a link below to an inquit page that explains long term capital gain tax rates vs short term.

 

https://turbotax.intuit.com/tax-tools/tax-tips/Investments-and-Taxes/Guide-to-Short-term-vs-Long-term-Capital-Gains-Taxes--Brokerage-Accounts--etc--/INF22384.html

 

I know its been debated how currency is taxed. I knew I recalled reading an IRS guidelines in terms of how its taxed but could never find it agian. Just found the link. Looks like it depends on if its for travel or "investment" which I suppose they can't prove either way what your logic or purpose in buying currency was for however any currency gain in excess of $200 is treated as a capital gain so I guess having receipts is important. It's not necessary to sell or cashin, however if you want to pay a lower tax rate you may have to show you held the DInar for a year before selling...

 

http://www.maximadvisors.com/2013/12/us-taxation-of-foreign-currency-gains-or-losses/

[Miketrouty]

You will 100% NOT be taxed twice.

 

Do it right and take your lumps if it RV's.

[stealthwarrior]

Anytime you profit from currency exchange,you will be taxed on the profit.

[RodandStaff]

One caution I heard mentioned however...don't let your Dinar out of your sight when cashing in. A large reputable bank should have De La Rue machine in plain sight and they should be able to authenticate them right in front of you. I have heard warnings about not letting them be shipped out for authentication....then your at their mercy. One other precaution that makes sense to me...photo copy them...that way you can verify your currency...just my opinion!

[rulesforrebels]

One caution I heard mentioned however...don't let your Dinar out of your sight when cashing in. A large reputable bank should have De La Rue machine in plain sight and they should be able to authenticate them right in front of you. I have heard warnings about not letting them be shipped out for authentication....then your at their mercy. One other precaution that makes sense to me...photo copy them...that way you can verify your currency...just my opinion!

I don't really know too much about this so take this with a grain of salt but isn't a de la rue machine made by the same company that makes the dinar de la rue? Not sure if this machine can authenticate other currencies as well or only the dinar? 

 

Banks already have counting machines with countefeit catching features on it on the back counter, they often run large deposits through them. I'm assuming a machine like that cannot verify dinar.

 

I also wonder if banks will buydelarue machines for all their branches if they are only good for authenticating a single currency. Maybe someone else can comment on exactly how the machines work as that will probably determine if banks will spend the money to buy them. I recall hearing they are a few thousand dollars per machine so not cheap by any means.

[Djorgie]

It's currency! Why would you need "proof of purchase"?

 

This is just another ingredient made up and added to the big boiling pot of guru poo-poo...

 

Do you need proof of purchase when you take ANY currency in anywhere and exchange it for another currency?

 

It's in the same category as 1-800 numbers andpeople who have already cashed out and "cashing out" and "group deals", etc, etc... Just ridiculous!

[TexasGranny]

I don't really know too much about this so take this with a grain of salt but isn't a de la rue machine made by the same company that makes the dinar de la rue? Not sure if this machine can authenticate other currencies as well or only the dinar? 

 

Banks already have counting machines with countefeit catching features on it on the back counter, they often run large deposits through them. I'm assuming a machine like that cannot verify dinar.

 

I also wonder if banks will buydelarue machines for all their branches if they are only good for authenticating a single currency. Maybe someone else can comment on exactly how the machines work as that will probably determine if banks will spend the money to buy them. I recall hearing they are a few thousand dollars per machine so not cheap by any means.

 

http://www.delarue.com/markets/central-banks-currency/machine-readability.aspx

 

They are not just for dinar but are used to verify all currencies.

 

[tankdude]

De la Rue machines are flexible and can be used with almost any currency, provided the proper modules and software are loaded. Most likely these are the counting machines with the counterfeit catching features you are already seeing. The will just need to be "upgraded" tho handle IQD

http://www.delarue.com/markets/central-banks-cash-processing-solutions/cash-processing-systems.aspx?snapopen=cobra-mid-tier