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four wheel drift

Iraq dinar not a trade able currency.

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.When I purchased and was in position of the dinar, the US didn't recognize it as a trade able currency and still doesn't. So my question is, how can we be taxed as a "currency exchange trade"? You couldn't purchase it from any bank, nor the stock exchange so where does it fall under the tax code?

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.When I purchased and was in position of the dinar, the US didn't recognize it as a trade able currency and still doesn't. So my question is, how can we be taxed as a "currency exchange trade"? You couldn't purchase it from any bank, nor the stock exchange so where does it fall under the tax code?

It won't be recognized not until Iraq RV's their currency, then it will be recognized as tradeabe through out the world.. I buy my dinars through CaptiolOne Bank here in Louisiana.

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You missed his point mrref ... our young member is asking ... how can he have bought colored toilet paper one day, which isn't recognized as a currency ... he puts it in his sock drawer for a time ... then one morning he wakes up and discovers that his pretty colored toilet paper has been classified as a global currency.

His question is really ... why does he have to pay tax on his colored toilet paper? After all, if he'd have bought a TV or another consumer item off of the internet (as he probably did his IQD) there would be no tax consequences ... even if it increased in value. So why does he owe anyone anything?

It's a great point ... splitting hairs maybe ... but something for someone's tax attorney to investigate and see if it flies ... then report back to the DV community.

Nice job four wheel drift

Thanks for the post

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You missed his point mrref ... our young member is asking ... how can he have bought colored toilet paper one day, which isn't recognized as a currency ... he puts it in his sock drawer for a time ... then one morning he wakes up and discovers that his pretty colored toilet paper has been classified as a global currency.

His question is really ... why does he have to pay tax on his colored toilet paper? After all, if he'd have bought a TV or another consumer item off of the internet (as he probably did his IQD) there would be no tax consequences ... even if it increased in value. So why does he owe anyone anything?

It's a great point ... splitting hairs maybe ... but something for someone's tax attorney to investigate and see if it flies ... then report back to the DV community.

Nice job four wheel drift

Thanks for the post

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One smart DOC31, thanks for putting it into laymen s terms. No question is a stupid question, some just can't see past the inside of the box. I want every penny, nickle and dime that I can squeeze out of my dinar. Rich men stay rich because they don't like giving it up!!! Hope the question can be answered SOON! Thank You

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I got my dinar off net but from a broker. Uncle Sam knows or will know when broker has to tell gov. Myself I got extra just to pay those Taxes.

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This is a great question. I am no expert but my thinking is that any asset which is sold for a profit is subject to taxes either as capital gains and or income. But also I believe they can't tax you until you cash in and that is where professional advise is needed on the best way to legally avoid as much as you can.~~~Bluto

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You missed his point mrref ... our young member is asking ... how can he have bought colored toilet paper one day, which isn't recognized as a currency ... he puts it in his sock drawer for a time ... then one morning he wakes up and discovers that his pretty colored toilet paper has been classified as a global currency.

His question is really ... why does he have to pay tax on his colored toilet paper? After all, if he'd have bought a TV or another consumer item off of the internet (as he probably did his IQD) there would be no tax consequences ... even if it increased in value. So why does he owe anyone anything?

It's a great point ... splitting hairs maybe ... but something for someone's tax attorney to investigate and see if it flies ... then report back to the DV community.

Nice job four wheel drift

Thanks for the post

I'm always missing the point.. Thanks Doc for pointing that out to me, its been hectic the past few days locking these bunch of knuckles heads up, celebrating the 4th early.. :lol::lol:

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.When I purchased and was in position of the dinar, the US didn't recognize it as a trade able currency and still doesn't. So my question is, how can we be taxed as a "currency exchange trade"? You couldn't purchase it from any bank, nor the stock exchange so where does it fall under the tax code?

Well it doesnt matter what it was before...it matters what it is at the time you exchange and make your profit....anything over 10 grand you will be reported to IRS....once it RV's it should be recognized as a internationally tradeable currency which does fall under tax codes for currency exchange....

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Well it doesnt matter what it was before...it matters what it is at the time you exchange and make your profit....anything over 10 grand you will be reported to IRS....once it RV's it should be recognized as a internationally tradeable currency which does fall under tax codes for currency exchange....

Can someone please explain why it's not considered an internationally tradeable currency when you can purchase and sell it at U.S banks now and buy and sell it on forex sites etc...? I've never understood this statement.

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Can someone please explain why it's not considered an internationally tradeable currency when you can purchase and sell it at U.S banks now and buy and sell it on forex sites etc...? I've never understood this statement.

Its not being traded on Forex.....and its not internationally tradeable because not all countries accept the Dinar as currency....it is becoming more and more used and traded but not everywhere yet....needs to have some value behind it as well....

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His question is really ... why does he have to pay tax on his colored toilet paper? After all, if he'd have bought a TV or another consumer item off of the internet (as he probably did his IQD) there would be no tax consequences ... even if it increased in value. So why does he owe anyone anything?

I 100% agree with this thought process. If we buy something that is worthless and it becomes valuable, how does the IRS determine it to be a Capital Gain.... the answer: because they can. I disagree with the way of Government is set up and the way they take all the time. Now, they want to take more on Jan 1st, 2011 and give more of what I make to someone that sits on their big fat rear and holds there hand out. It's a cycle that has to stop. My article on Charity breds poverty makes several good points concerning this. Listed under the Tax section. We are a country that will have to fight our way back to our basic founding fathers way of thinking... We need to follow the constitution, not uses it as a guideline. The Supreme courts make decisions on our welfare and in our best interest (that's their way of putting it anyway)... by making decisions for us based on their way of thinking which is not always by the letter of the law of the land or the Constitutional definition. We all need to start paying attention to what is going on. 142+ new Federal Bureacratic positions have been created by the Health Care Law and guess who gets to pay for them all.... you and me. What a way to kill the Constitution... just like in past history, all great empires lasted for approximately 200 years.... is this the end for us? It will be up to all of us to work harder to get the word out about what is going on in our government. California has a 24.6% probability of going under, bankrupt, belly up... so does IL and Ohio, Cleveland is trying to decide weather or not to pay a basketball player $1 BILLION.... what are you thinking out there... our free time, leisure time has to be paid for by someone... the free ride is just about over. Make sure you use your wealth to create not waste. jmo sby

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Buying currency no matter the country and/or the value of that currency. Being Traded or not. Is considered under US tax code as a "Investment". The Capital Gains tax will need to be paid on any returns over $10,000 dollars. If a significant return comes to me from my IQD Investment I'm well prepared to pay Uncle Sam his 28% in taxes.

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His question is really ... why does he have to pay tax on his colored toilet paper? After all, if he'd have bought a TV or another consumer item off of the internet (as he probably did his IQD) there would be no tax consequences ... even if it increased in value. So why does he owe anyone anything?

I 100% agree with this thought process. If we buy something that is worthless and it becomes valuable, how does the IRS determine it to be a Capital Gain.... the answer: because they can. I disagree with the way of Government is set up and the way they take all the time. Now, they want to take more on Jan 1st, 2011 and give more of what I make to someone that sits on their big fat rear and holds there hand out. It's a cycle that has to stop. My article on Charity breds poverty makes several good points concerning this. Listed under the Tax section. We are a country that will have to fight our way back to our basic founding fathers way of thinking... We need to follow the constitution, not uses it as a guideline. The Supreme courts make decisions on our welfare and in our best interest (that's their way of putting it anyway)... by making decisions for us based on their way of thinking which is not always by the letter of the law of the land or the Constitutional definition. We all need to start paying attention to what is going on. 142+ new Federal Bureacratic positions have been created by the Health Care Law and guess who gets to pay for them all.... you and me. What a way to kill the Constitution... just like in past history, all great empires lasted for approximately 200 years.... is this the end for us? It will be up to all of us to work harder to get the word out about what is going on in our government. California has a 24.6% probability of going under, bankrupt, belly up... so does IL and Ohio, Cleveland is trying to decide weather or not to pay a basketball player $1 BILLION.... what are you thinking out there... our free time, leisure time has to be paid for by someone... the free ride is just about over. Make sure you use your wealth to create not waste. jmo sby

couldn't agree more!!! Thanks for your input!

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.When I purchased and was in position of the dinar, the US didn't recognize it as a trade able currency and still doesn't. So my question is, how can we be taxed as a "currency exchange trade"? You couldn't purchase it from any bank, nor the stock exchange so where does it fall under the tax code?

Falls under section 988 of the Internal Revenue Code. I have created a post on the topic here:

Best of Blessings,

Mark

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In Central Texas: My CPA said it is taxed as investment under the capital gains section of the IRS. Up to $300,000>>> 30%; Over $300,000>>> 33%; One Million Plus>>> 35%. Of course this is based on what your annual income is and what tax bracket you are in presently. Just wanted to share the info I received!

GO RV!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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You missed his point mrref ... our young member is asking ... how can he have bought colored toilet paper one day, which isn't recognized as a currency ... he puts it in his sock drawer for a time ... then one morning he wakes up and discovers that his pretty colored toilet paper has been classified as a global currency.

His question is really ... why does he have to pay tax on his colored toilet paper? After all, if he'd have bought a TV or another consumer item off of the internet (as he probably did his IQD) there would be no tax consequences ... even if it increased in value. So why does he owe anyone anything?

It's a great point ... splitting hairs maybe ... but something for someone's tax attorney to investigate and see if it flies ... then report back to the DV community.

Nice job four wheel drift

Thanks for the post

Doc31 you've got to be one colorful person. I love the TP analogy! Tell me, Have you ever used, "does a cat have a climbing gear"? Good job! :blink:

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In Central Texas: My CPA said it is taxed as investment under the capital gains section of the IRS. Up to $300,000>>> 30%; Over $300,000>>> 33%; One Million Plus>>> 35%. Of course this is based on what your annual income is and what tax bracket you are in presently. Just wanted to share the info I received!

GO RV!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Falls under Section 988. ExecConsultant has done the research. I recommend that you get the BEST accountant and do this right. Uncle Sam loves his penalties and interest!

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IT'S LIKE GOING TO A GARAGE SALE,BUY SOMETHING FOR $10.00 AND FIND OUT 5 YEARS LATER, IT'S WORTH 10 MILLION DOLLARS. DO WE PAY TAXES????? YES WE DO... YOU CANNOT,RUN OR HIDE FROM IRS,IRS,IRS,IRS,IRS ,IRS.... PAY THE TAXES AND LIVE A PEACEFUL LIFE... OR ASK WESLEY SNIPES,ALL THE MONEY IN THE WORLD,BUT CANNOT SPEND IT OUTSIDE THE 4 WALLS HE WILL BE IN, FOR FEW YEARS...AS ALWAYS...GOD BLESS.....

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You missed his point mrref ... our young member is asking ... how can he have bought colored toilet paper one day, which isn't recognized as a currency ... he puts it in his sock drawer for a time ... then one morning he wakes up and discovers that his pretty colored toilet paper has been classified as a global currency.

His question is really ... why does he have to pay tax on his colored toilet paper? After all, if he'd have bought a TV or another consumer item off of the internet (as he probably did his IQD) there would be no tax consequences ... even if it increased in value. So why does he owe anyone anything?

It's a great point ... splitting hairs maybe ... but something for someone's tax attorney to investigate and see if it flies ... then report back to the DV community.

Nice job four wheel drift

Thanks for the post

At last. someone WHO understands. there is NO tax to pay. Iam NOT paying any tax when ( if ) RV happens.

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In Central Texas: My CPA said it is taxed as investment under the capital gains section of the IRS. Up to $300,000>>> 30%; Over $300,000>>> 33%; One Million Plus>>> 35%. Of course this is based on what your annual income is and what tax bracket you are in presently. Just wanted to share the info I received!

GO RV!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Your CPA did the same thing I did - I'm an attorney - when people started talking about this "Dinar Thing." When someone mentioned that another attorney had said that it would be ordinary income instead of capital gains I told them that is what I did for a living and I knew they were wrong. That is the same as any of us trained in taxes would do. However, they persisted and said there were different rules for foreign currency. I went to do the research to prove myself correct. However, I was wrong. There are in deed different rules for foreign currency exchange but your CPA would have no reason to know that unless he/she has dealt with it in the past. If you are serious about finding out what the taxes are please read my analysis and then bring it to your CPA to corroborate it. I know it is not what you want to hear, but better me now than the IRS later with penalties and interest.

My analysis can be found here:

Since I initially posted this analysis I have come across some other arguments from section 1221 and from an internet article from a CPA named Vernon K. Jacobs. While my opinion is not changed and the arguments from 1221 are easily answered, I'd still like to know what Mr. Jacobs' reasoning is. You will note in my analysis that I have had it corroborated by an "International Examiner" with the IRS. Regardless of what your CPA says - these are the people who's opinions really matter.

Sorry to be the bearer of bad news.

Best of Blessings,

Mark

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You missed his point mrref ... our young member is asking ... how can he have bought colored toilet paper one day, which isn't recognized as a currency ... he puts it in his sock drawer for a time ... then one morning he wakes up and discovers that his pretty colored toilet paper has been classified as a global currency.

His question is really ... why does he have to pay tax on his colored toilet paper? After all, if he'd have bought a TV or another consumer item off of the internet (as he probably did his IQD) there would be no tax consequences ... even if it increased in value. So why does he owe anyone anything?

It's a great point ... splitting hairs maybe ... but something for someone's tax attorney to investigate and see if it flies ... then report back to the DV community.

Nice job four wheel drift

Thanks for the post

Our government taxes you on any income "from whatever source derived" according to the 16TH Amendment. The Glenshaw case (Commissioner v. Glenshaw Glass Co., 348 U.S. 426 (1955)) established a little broader definition, "accessions to wealth, clearly realized, and over which the taxpayers have complete dominion."

If you are selling drugs, you can actually buy a "tax stamp" to show that you have paid your taxes on the illegal gains. (You'd be surprised how many tax stamps are purchased.)

If you sell a TV (or toilet paper) for more than you bought it for, you have a gain. You are supposed to report that on your taxes as a capital gains just the same as you would if you sold a piece of land.

You are also supposed to pay gains on gambling income (and can offset these gains with gambling losses). You pay taxes on lottery winnings. If you find a treasure in your walls (its happened) you owe tax on any income derived from its sale.

Anything you can think of that you should be happy about, the IRS has their hand out for their share of it. Welcome to the USA.

Best of Blessings,

Mark

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