NoviceInvestor Posted June 13, 2018 Report Share Posted June 13, 2018 Thank goodness I don't don't understand your tax laws .. 😊 1 Quote Link to comment Share on other sites More sharing options...
DinarThug Posted June 13, 2018 Report Share Posted June 13, 2018 7 minutes ago, NoviceInvestor said: Thank goodness I don't don't understand your tax laws .. 😊 Nobody Does ... 4 3 Quote Link to comment Share on other sites More sharing options...
Floridian Posted June 13, 2018 Report Share Posted June 13, 2018 46 minutes ago, jeepguy said: I look at it this way , if someone has 1 million dinar , after the rate change , and i.r.s. gets their money , and that person is left with 60 too 70 thousand ,. Think it is still a win! ASOLUTELY! Smart fellow! 😄 2 Quote Link to comment Share on other sites More sharing options...
Pitcher Posted June 13, 2018 Report Share Posted June 13, 2018 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 3 Quote Link to comment Share on other sites More sharing options...
one2one Posted June 13, 2018 Report Share Posted June 13, 2018 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 1 Quote Link to comment Share on other sites More sharing options...
10 YEARS LATER Posted June 14, 2018 Report Share Posted June 14, 2018 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. 1 6 Quote Link to comment Share on other sites More sharing options...
Pitcher Posted June 14, 2018 Report Share Posted June 14, 2018 I hear ya one2one. You may be 100% correct. I just feel this is a big event and the tax man will make sure he gets his. Hopefully we will have this little problem to deal with soon. 2 Quote Link to comment Share on other sites More sharing options...
Carrello Posted June 14, 2018 Report Share Posted June 14, 2018 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 2 Quote Link to comment Share on other sites More sharing options...
fnbplanet Posted June 14, 2018 Author Report Share Posted June 14, 2018 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. 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. 1 2 1 4 Quote Link to comment Share on other sites More sharing options...
NextYear Posted June 14, 2018 Report Share Posted June 14, 2018 (edited) 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 June 14, 2018 by NextYear 1 1 Quote Link to comment Share on other sites More sharing options...
Floridian Posted June 14, 2018 Report Share Posted June 14, 2018 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 1 2 2 Quote Link to comment Share on other sites More sharing options...
Officiallytook Posted June 14, 2018 Report Share Posted June 14, 2018 (edited) 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 June 14, 2018 by Officiallytook 1 Quote Link to comment Share on other sites More sharing options...
js214 Posted June 14, 2018 Report Share Posted June 14, 2018 9 hours ago, one2one said: i have never received any e-mails from the I.R.S. or know anyone who has. how would the I.R.S. know if anyone exchanged small amounts of I.Q.D. , like at the airport ? Palantir technology Quote Link to comment Share on other sites More sharing options...
one2one Posted June 14, 2018 Report Share Posted June 14, 2018 13 hours ago, js214 said: Palantir technology what does that expression actually mean ? Quote Link to comment Share on other sites More sharing options...
one2one Posted June 14, 2018 Report Share Posted June 14, 2018 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 2 Quote Link to comment Share on other sites More sharing options...
jmartin1145 Posted June 14, 2018 Report Share Posted June 14, 2018 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. 1 Quote Link to comment Share on other sites More sharing options...
pokerplayer Posted June 14, 2018 Report Share Posted June 14, 2018 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 4 3 Quote Link to comment Share on other sites More sharing options...
Gypsygirl11 Posted June 15, 2018 Report Share Posted June 15, 2018 I guess I'm easy....I will gladly pay what needs to be paid...Like PokerPlayer says....I do not wish to meet Tiny (who is over six feet tall). Let's just get this ball rollin! 2 2 Quote Link to comment Share on other sites More sharing options...
southbeach Posted June 15, 2018 Report Share Posted June 15, 2018 On 6/13/2018 at 7:25 PM, one2one said: not many people know about or even own I.Q.D. --therefore i don't see the I.R.S. paying much attention to it I read there are 3 to 4 million investors in the US. 2 Quote Link to comment Share on other sites More sharing options...
Officiallytook Posted June 15, 2018 Report Share Posted June 15, 2018 I would say under 1 million US investors 2 Quote Link to comment Share on other sites More sharing options...
lmb4321 Posted June 15, 2018 Report Share Posted June 15, 2018 IRS is going to get their share......going to bring down our country's deficit...... 1 1 Quote Link to comment Share on other sites More sharing options...
danielchu Posted June 15, 2018 Report Share Posted June 15, 2018 (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 1 1 Quote Link to comment Share on other sites More sharing options...
danielchu Posted June 15, 2018 Report Share Posted June 15, 2018 Simple capital gains ! 2 1 Quote Link to comment Share on other sites More sharing options...
DinarDavo Posted June 15, 2018 Report Share Posted June 15, 2018 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? 1 Quote Link to comment Share on other sites More sharing options...
Floridian Posted June 15, 2018 Report Share Posted June 15, 2018 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. 3 Quote Link to comment Share on other sites More sharing options...
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