evilbyte

Im a newbie huh, I have been on here longer then you and I was on investors iraq for longer then that. I was just sharing an article then people act like I wrote it....LOL It was a typo I got my dinar in 1994 and have been following it ever since I just don't get on here and whine like most people do. Here in Utah the reason why these articles keep coming up is because a group of people were selling elderly people dinar. The problem is they would take their savings and never deliver any dinar so they tag it as a scam.

oops No thats a typo 2004 not 1994....lol

I agree and the Dinar sells for double what I paid for it even if it is inflated and I could make double my money back anytime. I prefer to ride it out and see what happens been in this since early 1994.

I didnt like reading this but there has been several articles in the past saying the same thing, just thought I would share. http://www.ksl.com/index.php?sid=28221507&nid=960&title=long-running-scam-involves-foreign-currency&fm=home_page&s_cid=queue-5

Forex: Taxed as Futures or Cash? Currency traders involved in the forex spot (cash) market, can choose to be taxed under the same tax rules as regular commodities [iRC (Internal Revenue Code) Section 1256 contracts] or under the special rules of IRC Section 988 (Treatment of Certain Foreign Currency Transactions). IRC 988 applies to cash forex unless the trader elects to opt out. The Advantage of Section 1256 for Currency Traders Under Section 1256, forex traders can have a significant advantage over stock traders. By reporting capital gains on IRS Form 6781 (Gains and Losses from Section 1256 Contracts and Straddles), forex traders are allowed to split their capital gains on Schedule D using a 60% / 40% split. This means that 60% of the capital gains are taxed at the lower, long-term capital gains rate (currently 15%) and the remaining 40% at the ordinary or short-term capital gains rate, which depends on the tax bracket the trader falls under (as high as 35%). This results in an average rate of 23%, which is 12% less than the regular (short-term) rate. This works for broker traders only as law is written so I do not know how it would effect cash holders. If you trade on the forex and lose money you can claim it on your normal earnings because the loss percentage is higher. But if you make money you can opt out of 988 and apply to capital gains on a 60/40 split. I have been in this game since 2004 and have read so many laws and tax codes it's sickening. I have talked to quite a few foreign exchange people and most say its just a exchange one currency for another and you just pay pips and brokerage fee for the bank you used. It gets very confusing when it comes to currency exchange like we will be doing as the tax codes were all mostly written 10 to 15 years ago. The newer ones conflict with the older ones. This is just my small part I have read about. Just google opt out of 988 and read!!!!!