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Gift Letter Form


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#1 ExecConsult

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Posted 25 November 2010 - 03:19 PM

I have had several requests for what would qualify to transfer ownership of Dinar to someone to whom you wished to gift. I just did it quickly so proofread it. It could be more thorough, but should suffice.

Replace everything in brackets"[ ]" with the appropriate word, name, etc.... It should be pretty self-explanatory.

I am happy to answer questions but won't be on much until Monday.

Happy Thanksgiving and Best of Blessings to you all,

Mark

P.S. (Please feel free to donate to the Keep Mark Happy fund.)

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#2 one4dinar

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Posted 25 November 2010 - 03:32 PM

I have had several requests for what would qualify to transfer ownership of Dinar to someone to whom you wished to gift. I just did it quickly so proofread it. It could be more thorough, but should suffice.

Replace everything in brackets"[ ]" with the appropriate word, name, etc.... It should be pretty self-explanatory.

I am happy to answer questions but won't be on much until Monday.

Happy Thanksgiving and Best of Blessings to you all,

Mark

P.S. (Please feel free to donate to the Keep Mark Happy fund.)


Thank you, Mark
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#3 RicknSaudi

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Posted 25 November 2010 - 07:22 PM

P.S. (Please feel free to donate to the Keep Mark Happy fund.)


Thanks Mark. Appreciate the efforts.

BTW, I've already send my cards and letters to Jesus friends. That's J-E-S-U-S, care of Del Rio, Tx :lol:
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#4 amylano

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Posted 25 November 2010 - 08:00 PM

Thank you for that info I want to gift some to my granddaughters and really appreciate this.
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#5 ExecConsult

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Posted 30 November 2010 - 05:40 AM

One more thought on gifting. If you want to make sure, absolutely sure, that you are showing the IRS that this gift was made on a particular date with a particular value, etc..., the BEST way (though maybe overkill in my own opinion) is to file a gift tax return showing the gift and it's value. It is fairly easy to fill out form 709 and file it with the IRS. Just a thought if you wish to practice an abundance of caution.

Best of Blessings,
Mark
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#6 ndowning

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Posted 03 December 2010 - 02:43 PM

Thanks, Mark, You are going way and beyond the call of duty with all the information you are providing.
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#7 ExecConsult

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Posted 17 December 2010 - 07:11 AM

Added a couple of fixes to the form that were pointed out to me by members who read it :D

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#8 USMC_2674

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Posted 05 January 2011 - 01:07 PM

Mark,

Thanks for the form.

If my father is gifting the notes to me, and we live in the same town, is there a good reason to mail them? With the chances of them being lost in the mail, etc... why chance it?

I"m assuming that it is to help show that they did get transfered to me. Any other way to do this? Or should we just mail them, insured, and hope they arrive 2.5 miles to my house from his. :)

Thanks,

Kent
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#9 ExecConsult

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Posted 05 January 2011 - 07:32 PM

Mark,

Thanks for the form.

If my father is gifting the notes to me, and we live in the same town, is there a good reason to mail them? With the chances of them being lost in the mail, etc... why chance it?

I"m assuming that it is to help show that they did get transfered to me. Any other way to do this? Or should we just mail them, insured, and hope they arrive 2.5 miles to my house from his. :)

Thanks,

Kent

Yes - the reason is to have a return receipt showing that it was actually transferred and a corresponding date. In your case, just sign a receipt for him - could even be incorporated into the initial gift letter.

Best of Blessings,
Mark
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#10 bfurn

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Posted 13 January 2011 - 01:53 PM

Hi Mark
This is really good info. But I have one question. Would you use the same form if gifting Dinar to a S Corp?
Thanks
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#11 3keepfaith

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Posted 13 January 2011 - 06:51 PM

Ask your tax person. I believe you would be Capitalizing the Corporation. Not gifting it.
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#12 ExecConsult

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Posted 13 January 2011 - 08:17 PM

Hi Mark
This is really good info. But I have one question. Would you use the same form if gifting Dinar to a S Corp?
Thanks
bfurn

You do not gift to a corporation. You contribute assets (or labor) in exchange for equity in the corporation. If you contribute the dinar to your corporation, the accounting records as well as the internal records of the corporation should have documentation showing that. It will not be important to be able to show timing of the contribution. Your corporation will take the dinar at your basis and with whatever character the assets had in your possession.

Now I must caution you that in so doing, you may cause yourself additional tax. If you cash the dinar personally, you will have income taxes, but if your company cashes the dinar your company will have income taxes to pay PLUS employer/employee taxes as well. Please make sure that you can offset your dinar income within the S Corp with appropriate expenses before contributing the dinar to the corp. To be sure of that you must project your expenses for 2011 AND you must also know what the dinar is worth. That means if you are going to contribute any at all it should be done post RV when you know the value.

Best of Blessings,
Mark
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#13 bfurn

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Posted 13 January 2011 - 08:40 PM

Thank You Mark for the explanation
Kind Regards
bfurn
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#14 dvision

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Posted 15 January 2011 - 06:04 PM

My wife is a U.S. Citizen and I am a U.S. Permanent Resident. We bought our Dinar under my wife's name but with a joint bank account. We want to gift some Dinar to our kids and notarize the Affidavit of Gift doc that was posted.
Since only a US Citizen can legally purchase Dinar, is it best to leave my name off this document?

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#15 ExecConsult

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Posted 16 January 2011 - 07:40 PM

My wife is a U.S. Citizen and I am a U.S. Permanent Resident. We bought our Dinar under my wife's name but with a joint bank account. We want to gift some Dinar to our kids and notarize the Affidavit of Gift doc that was posted.
Since only a US Citizen can legally purchase Dinar, is it best to leave my name off this document?

The only reason to have your name on it would be if you were gifting more than $13,000 worth of Dinar and you needed to join in the gift with your wife. However, if you are doing the gift pre-RV, the value should be lower and there will be no need for your name on the gift. I would leave it off.

Best of Blessings,
Mark
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#16 Iraqi Queen

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Posted 25 January 2011 - 03:26 PM

Hi Mark,

Thanks for all of your help!

I posted last week a question for you and I am not sure if you were able to answer it. If you already responded, I apologize, because I have not seen it.

My questions is if we give physical Dinar to a non profit 501 © 3 organization after the Dinar RV's, will they have to pay taxes after they cash the Dinars? I am assuming not, but no one has ever had that happen, so no one knows. Also, will I need to have a gift letter notarized for myself and the organization?

Thanks for all of your help!
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#17 Slaydadea

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Posted 25 January 2011 - 03:37 PM

Thanks for going above and beyond Mark!
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#18 ExecConsult

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Posted 26 January 2011 - 05:58 AM

Greetings, Mark!

I wonder if you would help to clarify the CRT process. Specifically, what do I need to do now in order to prepare, and to mitigate my tax liability?

A. I set up a CRT now, and Gift my Dinar to the trust pre-RV.
B. I wait until after the RV, then set up a CRT.

Which scenario would lessen my taxes? Is it a wash either way? Or is there something else I'm not considering??

My warmest thanks again for all you do!
- Wendy

There is nothing to be gained by gifting to charity pre-RV. Making the charitable contribution post-RV makes sense for the following reasons:

1) You will know what the value is - know how much you are giving. If the investment comes back at $1.00 you "might" give different amounts of dinar than if it comes back at $3.87. Anyway, you would be making an informed choice.

2) You have a greater chance of getting a larger charitable deduction for your gift if you give an asset worth more money. Typically if you give an appreciated asset that you have owned more than 12 months you can get a bigger charitable deduction. We are still not sure if the IQD can work that way, but I think there is a good argument that it can. (For more info. on this you can read here:

http://dinarvets.com...able-donations/ )

Hope that helps.

Best of Blessings,
Mark
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#19 ExecConsult

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Posted 26 January 2011 - 06:10 AM

My questions is if we give physical Dinar to a non profit 501 © 3 organization after the Dinar RV's, will they have to pay taxes after they cash the Dinars? I am assuming not, but no one has ever had that happen, so no one knows. Also, will I need to have a gift letter notarized for myself and the organization?

Thanks for all of your help!

When you have an asset that appreciates, no gain is recognized until you convert that asset to something else. For instance consider the stock market. If we had to recognize gain and loss every day a stock went up or down, the paperwork would wipe out our worlds trees in minutes. You only recognize gain on the Dinar when you exchange it for US $. (I know this was not part of your question, but I thought I should throw it in there for other people. I see people confused about that far too often.)

If you give your Dinar to an approved charitable organization, you would take a deduction for your gift to the charity. The charity is a tax exempt entity. Therefore, when they "sell" this asset that you have given them, they will pay no taxes. It works the same as if you had donated a car or a time-share to the charity.

As far as documentation goes. You will not need a gift letter to establish the date of your gift. The charity is required to give you a receipt. That will suffice for your records. The only reason to give a gift letter would be if the charity needed to show some sort of chain of title when cashing in. My first thought is that they will not need it, but you never know.

Best of Blessings,
Mark
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#20 p71rock

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Posted 06 June 2011 - 08:55 PM

I like practicing :rolleyes: Formatting and Forming documents in Acrobat Reader Pro :o, so I formed the document above. Please review before using :unsure:.

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