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14 minutes ago, pokerplayer said:

Don't bet on it...

 

I agree pp.  

 

I have a feeling the bank or wherever you exchange your Dinar will have a form to report to the IRS and they may even take the money for taxes at exchange, much like when you take money out of your 401k 

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2 minutes ago, Pitcher said:

 

I agree pp.  

 

I have a feeling the bank or wherever you exchange your Dinar will have a form to report to the IRS and they may even take the money for taxes at exchange, much like when you take money out of your 401k 

 

they don't do forms at the airport or across the border towns along mexico,  exchange for pesos 

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2 hours ago, fnbplanet said:

I hear ya.  I got dizzy just lookin' at it, but if there was something important there, thought I'd reach out and find someone to make sense of it.  If things weren't moving so fast in Iraq, I might not have given it a second thought....just that the timing seemed freaky.

You are spot on right to bring the article in here - I’m sure we have folks in here or contacts that translate “ dizzy “ in a language us knuckle drafters can savvy. :tiphat:

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58 minutes ago, Pitcher said:

 

I agree pp.  

 

I have a feeling the bank or wherever you exchange your Dinar will have a form to report to the IRS and they may even take the money for taxes at exchange, much like when you take money out of your 401k 

 

FINCEN form

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46 minutes ago, 10 YEARS LATER said:

You are spot on right to bring the article in here - I’m sure we have folks in here or contacts that translate “ dizzy “ in a language us knuckle drafters can savvy. :tiphat:

 

I admit it, I'm a dinar geek.  Part of that is trying to figure out just how much I'll eventually get to keep.  I subscribed to the IRS Guidewire  ( LINK ) for that reason, as well as any clues as to US Government movement on our impending fortunes.  I gotta feeling the US will know when this is going to hit, and the'll be ready for it.  There are more dinarians than you think.  (doesn't mean we aren't special, though....)

 

Don't think for a minute that Uncle Sam isn't lickin' his chops at gettin' his "fair share" of our booty (and anticipating every loophole dinarians will try to avoid the tax man).  I'll thank the Lord for my blessing and do it legally and be happy with what's left - because of:

 

A. the penalties if I don't

B. I'm a patriot

C. it's the right way to do it

 

That doesn't mean that I won't be taking advantage of any way that I can legally keep as much as I can, that's why I'm a VIP.  

 

 

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4 hours ago, fnbplanet said:

 

 

Don't think for a minute that Uncle Sam isn't lickin' his chops at gettin' his "fair share" of our booty 

 

 

You would think with the amount they have stashed away themselves they'd leave us alone. Assuming Trump has that pile of his you would think he would step in on this. However, everyone seems to forget deep down he's a NY business democrat at heart and has been for most of his life.

Edited by NextYear
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15 minutes ago, NextYear said:

 

You would think with the amount they have stashed away themselves they'd leave us alone. Assuming Trump has that pile of his you would think he would step in on this. However, everyone seems to forget deep down he's a NY business democrat at heart and has been for most of his life.

 

He's a New York businessman that WAS a Democrat.

Glad he finally saw the light.  LOL

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7 hours ago, Rugbylaird19 said:

going to Vegas with their Dinar (where other people from all over the world visit arriving with their own currency). Exchange their Dinar for chips. Don't gamble!!!. Go up to you room, have a nice dinner and leave the next day (cashing out before you leave) and unless you asked specifically for the exchange to be in your own country's currency, the cashier would probably give you dollars. Not suggesting anything. LOL

Wining... And i just told some family we need to go to Vegas

Edited by Officiallytook
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12 minutes ago, one2one said:

i pulled out 20 . 25k bills I.Q.D. --then folded them flat with books on top and a concrete block :

then i was able to hide them easily in my sock. sneaking money in and out of foreign countries is not difficult at all

Sounds easier than sneaking fake Cuban cigars out of the Bahamas.

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32 minutes ago, one2one said:

i pulled out 20 . 25k bills I.Q.D. --then folded them flat with books on top and a concrete block :

then i was able to hide them easily in my sock. sneaking money in and out of foreign countries is not difficult at all

 

Say hello to Bubba for us, he may end up sharing a " room " with you. Just when you think you got it figured out, well, you know where I'm going with this one.

 

Pay your pound of flesh and enjoy what's left. Your still better off with that then you are today.

 

  pp

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(B)Special rule for forward contracts, etc.

Except as provided in regulations, a taxpayer may elect to treat any foreign currency gain or loss attributable to a forward contract, a futures contract, or option described in subsection (c)(1)(B)(iii) which is a capital asset in the hands of the taxpayer and which is not a part of a straddle (within the meaning of section 1092(c), without regard to paragraph (4) thereof) as capital gain or loss (as the case may be) if the taxpayer makes such election and identifies such transaction before the close of the day on which such transaction is entered into (or such earlier time as the Secretary may prescribe

https://www.law.cornell.edu/uscode/text/26/988

 

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2 minutes ago, danielchu said:

(B)Special rule for forward contracts, etc.

Except as provided in regulations, a taxpayer may elect to treat any foreign currency gain or loss attributable to a forward contract, a futures contract, or option described in subsection (c)(1)(B)(iii) which is a capital asset in the hands of the taxpayer and which is not a part of a straddle (within the meaning of section 1092(c), without regard to paragraph (4) thereof) as capital gain or loss (as the case may be) if the taxpayer makes such election and identifies such transaction before the close of the day on which such transaction is entered into (or such earlier time as the Secretary may prescribe

https://www.law.cornell.edu/uscode/text/26/988

 

 

Translation please?

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29 minutes ago, danielchu said:

(B)Special rule for forward contracts, etc.

Except as provided in regulations, a taxpayer may elect to treat any foreign currency gain or loss attributable to a forward contract, a futures contract, or option described in subsection (c)(1)(B)(iii) which is a capital asset in the hands of the taxpayer and which is not a part of a straddle (within the meaning of section 1092(c), without regard to paragraph (4) thereof) as capital gain or loss (as the case may be) if the taxpayer makes such election and identifies such transaction before the close of the day on which such transaction is entered into (or such earlier time as the Secretary may prescribe

https://www.law.cornell.edu/uscode/text/26/988

 

 

Thanks, DanielChu.  I've always thought this should be treated as a long-term capital gain on our part, and this paragraph seems to say that:

 

"which is a capital asset in the hands of the taxpayer"

 

except for one thing - they are talking about Forex here.

 

Since I am not familiar with Forex, I'd like to ask any traders in our group if it is possible to have "a capital asset in the hands of the taxpayer" when trading Forex.

I had assumed that everything is done online and the trader doesn't hold paper.

 

 

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