RV may start low then float up.

[Luigi1]

3-29-2012

l Guru Delta an article came out last week...the article said...that they are going to increase the value of the dinar gradually. Until the time comes that they introduce the lower denominations and then will bring it up to 1:1....it’s quite possible they may only start out around .10 cents or so. this is still good news. Just to let everyone know that this appears to be the CBI’s intention and really do believe that they are not lying to us. No one knows what they are going to come out with as the starting rate. We are just giving you a potential scenario.

If this materializes, I will cash in a little then hold off as the exchange rate improves.

[MITCH10]

That's my plan. Going to work every day has a better feeling if ALL your bills are paid off!

[Luigi1]

That's my plan. Going to work every day has a better feeling if ALL your bills are paid off!

Agree. Some people will cash in all at once then blow it on a spree. They'll end up broke again. Common sense wil prevail.

[Mgigs]

Ok, so here is a question. If it is at .10 and say you cash in 100,000 dinars with a spread you are under $10,000 US. What are the tax ramifications. Does anything under 10,000 get reported? Not suggesting avoiding taxes but was always told anything under 10k was not reported.

Thanks,

[MITCH10]

My understanding is you are required to pay taxes on ANY profit..... $5, $10, $10,000 whatever. Good ol unka Sammy wants all he can get.

[Luigi1]

Ok, so here is a question. If it is at .10 and say you cash in 100,000 dinars with a spread you are under $10,000 US. What are the tax ramifications. Does anything under 10,000 get reported? Not suggesting avoiding taxes but was always told anything under 10k was not reported.

Thanks,

You must report all capital gains. I just did my taxes. I had a $3 gain on one investment. Had to report it according to H & R.

If your investment is over a year, it will be taxed at a lower long term rate of 15%. Under a year or short term gain is 30%.

My understanding is you are required to pay taxes on ANY profit..... $5, $10, $10,000 whatever. Good ol unka Sammy wants all he can get.

You are correct. The IRS already knows of your investments & gains no matter how small. The brokers must file with the IRS as well & report your gains. Omiting even the smallest gain could trigger a red flag to the IRS. You don't want to go through an audit.

[Mgigs]

I should have been more clear... When I spoke with my tax attorney about this (around .10 ) he first thought it would be taxed as capital gains. Then when I gave him the $1.00 per dinar scenario he changed his answer and said it would be treated like income, then moving up to 35%.

[motox565]

In the process of our purchase of dinar we formulated a division of portions to account for a multiple scenarios. We have always hoped for the best, but prepared for less than...... A .10 initial release with no imposed "cash in" would certainly be one of the scenarios that was hoped for. Its been a long ride and I'm praying that we really are as close as it seems to some type of completion.

[Luigi1]

I should have been more clear... When I spoke with my tax attorney about this (around .10 ) he first thought it would be taxed as capital gains. Then when I gave him the $1.00 per dinar scenario he changed his answer and said it would be treated like income, then moving up to 35%.

Short or long term capital gains are that, capital gains & will be taxed accordingly, no matter .10 cents or 1 Dollar. Make sure you have proof of date of purchase. Without proof you may be taxed at the higher 30% short term rate.

I just prepared my taxes & asked many many questions about the IQD, capital gains & short vs long term. I too, am looking for answers.

In the process of our purchase of dinar we formulated a division of portions to account for a multiple scenarios. We have always hoped for the best, but prepared for less than...... A .10 initial release with no imposed "cash in" would certainly be one of the scenarios that was hoped for. Its been a long ride and I'm praying that we really are as close as it seems to some type of completion.

Great. It looks like you have a plan of action set in place.

You will be surprised how many people do not have a plan. Many are still counting on becoming instant $Millionaires over night. Many may be disappointed when the time comes.

Edited March 31, 2012 by Luigi1

[Mgigs]

Short or long term capital gains are that, capital gains & will be taxed accordingly, no matter .10 cents or 1 Dollar. Make sure you have proof of date of purchase. Without proof you may be taxed at the higher 30% short term rate.

I just prepared my taxes & asked many many questions about the IQD, capital gains & short vs long term. I too, am looking for answers.

Thanks, I am all long term now with proof of purchase dates.

I would much rather pay 15% than 35-40%.

I would be happy to pay as it would mean it RV'd!!!

[physicsteach]

Obama has raised capital gains taxes to 30% on gains above one million.

[Luigi1]

Obama has raised capital gains taxes to 30% on gains above one million.

Cash in less than 1 Million, then a little each year.

Pelosi & Reid introduced a Bill in 2009, 80%, a one time tax on inheritance, windfall profits & lotto winnings to fund ObamaCare & welfare for the next decade. The Bill got shot down twice but they re-introduced it before the House again. These Bozos are not giving up. When has a temporary tax ever been temporary? They pass it...it will be perminent.

[motox565]

Cash in less than 1 Million, then a little each year.

If indeed, we do not have a imposed window to cash in and it is dictated by the market... we also have the inherent volatility of the Middle East to contend with.

Enough that it could give a guy ulcers....too late. Lol

[Luigi1]

If indeed, we do not have a imposed window to cash in and it is dictated by the market... we also have the inherent volatility of the Middle East to contend with.

Enough that it could give a guy ulcers....too late. Lol

Yes, the region is shakky. Shabs hinted at up to a 2 yeat period to cash in the old IQD.

I will cash in the oldest investment first, the ones over one year long term. I'll hold off on the rest before the deadline is announced.

[Crow]

.10 cents??? how would that de-dollarize over there??? seriously imho <which isnt much!! lol> its gotta be atleast 1-1! If they start low it will take years to get rid of the dollar!! Honestly I am looking for $1.14 or higher to start just based on articles that I have read!!

[Luigi1]

.10 cents??? how would that de-dollarize over there??? seriously imho <which isnt much!! lol> its gotta be atleast 1-1! If they start low it will take years to get rid of the dollar!! Honestly I am looking for $1.14 or higher to start just based on articles that I have read!!

Many would cash in at that rate thus putting less burden on the CBI to pay out to those that wait it out for a higher rate.

[Luigi1]

Many would cash in at that rate thus putting less burden on the CBI to pay out to those that wait it out for a higher rate.

I just thought I'd throw this in...

I don't think they'll completely get rid of the Dollar after RV. Many Arab league nations use multiple currencies in everyday transactions. In Kuwait, UAE, Bahrain & Saudi Arabia, I saw USD, Pound Sterling, Euros, Dinars of regional nations freely traded & accepted at all the souks.

[Workinchump]

Wont happen, If it did we would sell everything and buy dinar.

[MikeyBoy909]

i wouldn't mind an opening of a .10 exchange rate, but don't you think that if it were that low everyone would start buying dinars since it's still afforable to buy? I think that a 1 for 1 or higher would minimize people from buying additonal dinar since it would cost them equally a dollar to the dinar?

[Luigi1]

i wouldn't mind an opening of a .10 exchange rate, but don't you think that if it were that low everyone would start buying dinars since it's still afforable to buy? I think that a 1 for 1 or higher would minimize people from buying additonal dinar since it would cost them equally a dollar to the dinar?

It makes more sense to you & I to start out high. Lest we forget, Iraq is still a very poor country with 30% unemployment & 40% living in poverty. The economy & infrastructure are priority one. Once the economy has jump started, Iraq will be in a better position to cover any spreads.