Receipt

[CSTEP]

What if I don't have a receipt from where I purchased? Thanks...

[The Machine]

what's the question ??

[Dinarkicker]

What if I don't have a receipt from where I purchased? Thanks...

I left a response on your page,

[CSTEP]

Where I work there was a guy that turned us on to the dinar.We all went in and bought about 5 million and split them up.He no longer works here and all I have are the dinar,no receipt of purchase to say when I bought them? If they ever become worth anything don't I need that receipt?

[Dinar Buddy]

IQD is currency... no receipt required. You will just be required to pay taxes on short term gains (taxes)...

[Deborah Layne]

I think that if you plan on cashing out with Dinar Banker, you'll have to show you purchased your dinar from them. IDK if it's the same with the other major currency dealers. But if you just use your neighborhood bank or currency trader, there shouldn't be any need to show a 'proof of purchase". Early on, there was a big push to notarize gifts or contributions of IQD. But I honestly don't think there's much need for that, generally speaking

[Francie26]

I don't know where I got this information, but I was told at one time that the IRS would require a receipt to show the trail of ownership of the dinar we own. Since I have no clue what the IRS is up to from year to year, and am, thus, highly suspect of them at all times, I kept receipts for all my dinar. And I presume that, as an invetsment, the cost of our dinar would be a legitimate deduction later. But also I suspect, without any proof whatsoever, that anyone who shows up at a bank with dinar in hand would be able to cash them in. Otherwise, why would someone bother to steal dinar or to run the scams as we hear about?

[Luigi1]

A reciept is desirable when tax time comes around as proof of long or short term gains.

It should not be required at cash in. As long as your IQD is authenticated by De La Rue or other means, there shouldn't be an issue.

I purchased some of My IQD in country & in Kuwait & don't have a reciept for either.

[one2one]

a receipt is very necessary in order to prove that you had your dinar for more than 1 year :

short term capital gain tax---as oppossed to long term capital gain tax

[Jmasters]

a receipt is very necessary in order to prove that you had your dinar for more than 1 year :

short term capital gain tax---as oppossed to long term capital gain tax

Not sure about the Dinar , haven't really looked , but most currency has a mint date at minimum. Not a bit worried about a receipt, they're going to want our Dinar when it comes time.I would have no quarrels about burning a 25k note in front of them to watch them squirm a bit.Got plenty on hand

[rulesforrebels]

I don't know where I got this information, but I was told at one time that the IRS would require a receipt to show the trail of ownership of the dinar we own. Since I have no clue what the IRS is up to from year to year, and am, thus, highly suspect of them at all times, I kept receipts for all my dinar. And I presume that, as an invetsment, the cost of our dinar would be a legitimate deduction later. But also I suspect, without any proof whatsoever, that anyone who shows up at a bank with dinar in hand would be able to cash them in. Otherwise, why would someone bother to steal dinar or to run the scams as we hear about?

i dont think irs would care about the history or origin of your dinar its strictly for what price point you bought it at for tax reasons if anything. same way when doing ur taxes with stocks you have the cost basis, same deal with currency.

[rockfl9]

I have had experience with IRS, they are getting picky on capital gain/loss claims .. If you are audited they will require Purchase and sale records...Date ,amount and price.

[Madmax67]

Let's say that it RV's so that 1 million dinar is now worth 1 million dollars, your 1K purchase price is going to do nothing for your taxes.

[NeedRv]

sooooooo let me ask this.... what exactly will we be paying taxes on.....

the (for example) 1million dollars that lets say a 1:1 brings OR the 8 or 900$ we paid to get that 1 million dinar???? I am thinking the 1 million that is made from the 8 or 900 is whats going to be taxed....

anyone..... ???

[Sweetgirl1956]

There is a big difference in long term capital gains versus short term capital gains. I don't think he is talking about the taxing of the initial investment amount, but rather being able to claim the gain as a long term capital gain and being taxed at the lower rate. I don't know what the IRS will do if you don't have proof of purchase to prove the purchase date. I bought my first dinar at Chase and do not have a receipt. I am not worried about it.

As far as taxes, read IRS Publication 525, Page 33 and you will inderstand the tax code that applied to the dinar. If you have a gain from a currency transaction due to a change in the exchange rate it is taxed as a capital gain if your gain is more than $200. Long term - you have had it longer than one year and Short term - you have had it less than one year

There is a big difference in the tax rate between short term and long term capital gains.

You taxable amount is what you get from the exchange minus your original investment. That amount is your gain or loss.

for example on a 1:1 exchange you would take the 1,000,000 minus what you paid for the currency, say 1,000 and you would pau taxes on 999,000

[eddiemac]

What if I don't have a receipt from where I purchased? Thanks...

I would have to believe a receipt would be valid in case all your dinar were counterfeit , if it were to R.V a De Lerue? Machine would validate it. No need to worry in my opinion

[R Veyron]

Once the dinar is openly traded and accepted as valid currency on the open market once again, there will not be a need for a receipt. It would be good to have one just in case but there really should not be any restrictions once it is openly traded.