Gift Letter Form

[ExecConsult]

Hi Mark. I purchased my first bit of dinar on ebay, and subsequently purchased more directly from the seller via credit card. I contacted the seller and asked how i could get receipts of my purchase and his reply was unless i wanted to pay someone $600/hr. to dig through his transactions, he couldn't help. The latter purchases are of no worries b/c of credit card buys, but is there any way to deal with the first few? I'm sure i paid money order for the ebay transactions, but i'm not 100%, and this was roughly '07-'08. Any input would be greatly appreciated. Thanks in advance. Chao.

You bring up one of the most difficult things to deal with in a situation where you have capital gains with currency exchange. Because no reportable gains for an individual are anticipated, there is no established method to track or record date of purchase or sale for currency exchanges. You simply exchange one type of cash for another. A business would use business/accounting records. If you don't have anything to "prove" it, you must simply make the claim and see if the IRS contests it. Upon audit, absent any other evidence, they can interview you and others to see if they can discredit or validate your claims. I know its probably now as nice as you wanted to hear, but that's all I've got for you now.

I have heard from others that with currency the IRS does not even try to challenge the claims of long-term holding periods because they have no way to support any assertions of short-term holding. I have never verified that this is true, but we can always hope.

Best of Blessings,

Mark

[retiredaf]

Hi Mark! Just wanted to thank you for providing this form. I'm sure my children, brothers and friends will appreciate it too.