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dinareffic

Raising the Iraqi dinar to the forefront again

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8 hours ago, dinareffic said:

The former Iraqi dinar ($ 3.2) was exaggerated and will continue to be exaggerated if you return in the future. It will make imports cheaper but hinders the improvement of production and export capacity of Iraq, the price may be 1.2 dinars to the dollar or dinar against the dollar is the right price. 

1.2 dinars to the dollar means it will be a little less than $1.00 not $1.2 dollars.

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1 hour ago, ChuckFinley said:

I believe you can go to the top of the page, under store, and order.  Once I was able to see what was offered, I making sure people know about it. There is no reason to pay 55% tax.  

I am not allowed to due to my past behaviour but I think I have been good now. I will send him an email as it is something I want

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8 hours ago, Rmc10 said:

So I know regular members can't talk about VIP things but on average how much do banks charge to do currency exchanges normally? Is that a question that I can ask and someone can give me an answer to? Doesn't the government also take around 35% too? Just restating *what is average and normal* for information sake. I don't know much about it as I have never asked anyone about it. I am also thinking about buying a little bit more Dinar now when I have the extra funds. Lol. I've been thinking about joining VIP but my hubby and I have been on a budget and haven't spent anything more on this venture in years than what we originally spent. Being conservative...

the banks in Canada currency buy sell rates are anywhere from 1/2 to 1 1/2 percent depending on what financial institution or currency Trader you're dealing with. The dinar currency Traders take anywhere from 10 to 15% buy sell rate..

Canadian capital gains tax is one of the lowest you’ll ever pay

November 29, 2016|

There are three forms of investment income in Canada: interest, dividends and capital gains. Each is taxed differently. Here’s a reminder of how smart investors use their knowledge of taxation rates, especially tax on capital gains, to protect their returns.

With stocks, you only pay capital gains tax when you sell or “realize” the increase in the value of the stock over and above what you paid for it. (Although mutual funds generally pass on their realized capital gains each year.)

Several years ago, the Canadian government cut the capital gains inclusion rate (the percentage of gains you need to “take into income”) from 75% to 50%.

For example, if an investor purchases stock for $1,000 and then sells that stock for $2,000, then they will have a $1,000 capital gain. Investors pay Canadian capital gains tax on 50% of the capital gain amount. This means that if you earn $1,000 in capital gains, and you are in the highest tax bracket in, say, Ontario (53.53%), you will pay $267.60 in Canadian capital gains tax on the $1,000 in gains.

http://www.tsinetwork.ca/daily-advice/how-to-invest/canadian-capital-gains-tax-the-cheapest-tax-you-will-ever-pay/

roughly speaking it's about 25% of your gains. personally I haven't bought any dinar in the last 7 years. I knew it was going nowhere fast. remember it is Iraq. I wasn't going to hold my breath on this one.:o

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7 hours ago, yota691 said:

and the CBI announcement  

 

  • ( Statement journalist ) announces the CBI that he does not intend to change the exchange rate of the Iraqi dinar against the US dollar 12/15/2016

 

OCR Bing translation

Press release
CBI declares that he does not intend to change the exchange rate of the Iraqi dinar against the US dollar 'also denies the imposition of fees or taxes on the sale price of the dollar
'And that rising oil prices will enable the bank to pump larger quantities of the dollar to
market.
CBI 15/2016/12

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4 minutes ago, deniscanada said:

OCR Bing translation

Press release
CBI declares that he does not intend to change the exchange rate of the Iraqi dinar against the US dollar 'also denies the imposition of fees or taxes on the sale price of the dollar
'And that rising oil prices will enable the bank to pump larger quantities of the dollar to
market.
CBI 15/2016/12

Well that's not good. Smoke ?

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1 hour ago, SocalDinar said:

I wish .01 would happen anytime..... this week... next week... last week etc...

lol, you have to think BIG SocialDinar!!!   .01 aint going to cut it.

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I ran out of arrow ups already today but I would give out more to all the positive comments if I could. :)

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5 hours ago, drj said:

THAT statement right there tells me that the CBI DOES INTEND TO CHANGE THE EXCHANGE RATE of the Iraqi dinar against the US dollar!!!!  

This is the article that I have been looking for all of these years!  In the currency world, when they say that they have no intention of doing something, you know that the opposite is coming!

 

drj I would have to agree with ya on pretty much on what you stated, but in this case I'm gonna have to say IMO they won't be changing the exchange rate. If and when they do increase the purchasing power of the IQD, the CBI rate of exchange will remain but the values will increase as well. Which will allow the CBI to make its share as they always do...

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17 minutes ago, yota691 said:

drj I would have to agree with ya on pretty much on what you stated, but in this case I'm gonna have to say IMO they won't be changing the exchange rate. If and when they do increase the purchasing power of the IQD, the CBI rate of exchange will remain but the values will increase as well. Which will allow the CBI to make its share as they always do...

Please Explain yota I don't get what you mean .

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2 minutes ago, vato96 said:

Please Explain yota I don't get what you mean .

I guess and assume when I stated exchange rate, I'm referring to the spread that the CBI makes in return for selling dollars. Every auction states it 1190. I looking for an article that appeared here recently stating  what the CBI made just in selling dollars...

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I believe that the cbi makes 13 us dollars for every dinar sold to the banks through the auctions. The banks are then allowed to make a small profit when selling the dollar to citizens. The bulk of the cbi's money comes from the sale of their oil. ;)

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I respect Adam's opinion, but I believe that the catalyst that will bring the RV is the liberation of Mosul. HCL after.

1.2 IQD to $1 = $0.83 ... Make me think deletion of the zero's from nominal value 0.00085 = $0.85 .... Pretty close to $0.83

Something that I'm trying to understand is how the CBI is going to do to Dedollarize the country at 1.2 IQD to $1 or $0.83

The only answer that comes to my mind is that the CBI will make the use of the dollar illegal after a period of time 

I always thought that 1 IQD to $1 was the easiest way to Dedollarize the country and the easiest transition to the Iraqi people

my 2 cents 💰💰

Go liberation of Mosul 

Go HCL 

Go CBI 

Go RV

Go 2017

 

 

 

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3 minutes ago, Laid Back said:

I respect Adam's opinion, but I believe that the catalyst that will bring the RV is the liberation of Mosul. HCL after.

1.2 IQD to $1 = $0.83 ... Make me think deletion of the zero's from nominal value 0.00085 = $0.85 .... Pretty close to $0.83

Something that I'm trying to understand is how the CBI is going to do to Dedollarize the country at 1.2 IQD to $1 or $0.83

The only answer that comes to my mind is that the CBI will make the use of the dollar illegal after a period of time 

I always thought that 1 IQD to $1 was the easiest way to Dedollarize the country and the easiest transition to the Iraqi people

my 2 cents 💰💰

Go liberation of Mosul 

Go HCL 

Go CBI 

Go RV

Go 2017

 

 

 

LB,  Agree with all of your points and I'm also sticking with the 1:1 to make it easier for the Iraqi's to make the transition away from the dollars.  Of course once they release the LD's everything will be much smoother as well.  Just my 1 cent added....:D   Hopefully CBI will surprise us and Restore to Its Former Glory but I do believe that is wishful thinking out of the starting gate....May possibly happen down the road in our wildest dreams....:)

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7 hours ago, davis411 said:

U missed my point

like many we already pay our share

actually pay to much

u gamble and maybe win

and they want more out of u

well they didn't gamble with me

i pay what I am forced to pay

u also mis understood my cash point

i love cash

cash is king and tax free king in my world

my opion only

 

wife always says give to Caesar what is Caesars 

i tell her I would love to

but problem is he is dead

I didn't miss your point. In fact you missed mine. The purpose was to set aside enough money that will cover the taxman's share whatever that may be and not be tempted to spend it. Like you said earlier, " i pay my share but nothing more". If you read my original post on this subject I said if you have money left over you have won a gold star! Does that mean you are paying more than what you are "forced" to pay. Your retort was to not pay the taxman then you state you pay only what you owe this is contradictory. There was no missing that. Then you continue on in the next post explaining how you are only paying what the taxman is due. If you don't know what the taxman is due how do you allocate enough funds to pay the taxman?  Look, you have missed the point of what I have said. Basically I am saying is to set aside enough money for taxes and pay out of that money what the bill is for taxes. When and if you have money left over great! Cash is king but when you don't have it or the means to get more and you have spent it don't come crying because the smart investor always sets money aside for the taxman. Like I have said before you are seeing things that aren't there and that is why you have completely gone off spouting about this in which we both agree with. Pay only what the tax man is due. However I am saying set aside an estimated amount so you can pay. This is stupid to quibble over something like this because we both said the same thing, Do what you want but know one thing, the IRS doesn't quibble and they don't argue over whether cash is the king or give unto ceasar what is ceasars, they say here is your bill now pay up. If you don't very very bad things will happen to you and the nice things you paid cash for. You have completely missed the point I made and went off on god knows what trying to show god knows who what. Set aside or don't set aside I don't care, the OP asked how much were taxes going to be. You have neither answered the questioned nor contributed to the answer other than to say give unto ceasar what is ceasars. Well no crap Sherlock. At least I gave a more logical response to this. How about you read the thread next time to see why the response was given. 

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If you really want to be logical about this, Capital Gains in the US is only on long term investments. This is holding the currency in your possession for 366 days or longer. If you bought IQD within 365 days Capital Gains does not apply. This is 20% but only on income over 400K (give or take). You have the exchange fee. How much will that be? I don't know lets say 5%. Now we are up to 25%. You have, if applicable, state, county and city tax, Add another 5% to that. So we are up to 30%. However, no one knows if the currency that gets exchanged will be under Capital Gains or regular income. So lets say its under regular income tax. if you make over a certain amount you are going to pay roughly 39 percent on the income. Do you qualify for AMT? Don't know. So if State, county and city tax is 5% and the exchange rate is 5% and you are paying at the minimum 39 percent, its 50 percent of your gains that you are paying in regular taxes. So we see the tax bill could be anywhere from 30 to 50 percent and 55 percent is actually being conservative. Unless you know exactly how much you are going to be paying in taxes and from what I have gathered from the previous discussions on this matter, it's all speculative right now, earmarking 55 percent is a reasonable figure to set aside for taxes. Then if you have money left over out of that, great! So be it. At least you will sleep tonight knowing that you did the right thing and set enough money aside earmarked for this matter. If you ever worked 1099 then you understand this, If you ever received money from an investment you understand this. If you have ever run a business and had payroll you understand this. You always set aside money for taxes so that when it is time to pay you have enough. Not doing so can actually land you in jail with fines the loss of your property etc. The taxman doesn't play around. Don't set money aside and you don't have enough to pay, don't cry over it and worst of all don't whine over your mistake. 

Edited by Theseus
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11 hours ago, Gypsygirl11 said:

lol, you have to think BIG SocialDinar!!!   .01 aint going to cut it.

Of course I do hope for more Gypseygirl11.  But i sure would be pretty darn happy with a 1000% return.  01 cent per dinar would be ten times our investment.

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7 hours ago, Theseus said:

If you really want to be logical about this, Capital Gains in the US is only on long term investments. This is holding the currency in your possession for 366 days or longer. If you bought IQD within 365 days Capital Gains does not apply. This is 20% but only on income over 400K (give or take). You have the exchange fee. How much will that be? I don't know lets say 5%. Now we are up to 25%. You have, if applicable, state, county and city tax, Add another 5% to that. So we are up to 30%. However, no one knows if the currency that gets exchanged will be under Capital Gains or regular income. So lets say its under regular income tax. if you make over a certain amount you are going to pay roughly 39 percent on the income. Do you qualify for AMT? Don't know. So if State, county and city tax is 5% and the exchange rate is 5% and you are paying at the minimum 39 percent, its 50 percent of your gains that you are paying in regular taxes. So we see the tax bill could be anywhere from 30 to 50 percent and 55 percent is actually being conservative. Unless you know exactly how much you are going to be paying in taxes and from what I have gathered from the previous discussions on this matter, it's all speculative right now, earmarking 55 percent is a reasonable figure to set aside for taxes. Then if you have money left over out of that, great! So be it. At least you will sleep tonight knowing that you did the right thing and set enough money aside earmarked for this matter. If you ever worked 1099 then you understand this, If you ever received money from an investment you understand this. If you have ever run a business and had payroll you understand this. You always set aside money for taxes so that when it is time to pay you have enough. Not doing so can actually land you in jail with fines the loss of your property etc. The taxman doesn't play around. Don't set money aside and you don't have enough to pay, don't cry over it and worst of all don't whine over your mistake. 

Everyone also needs to understand that a million dinar exchanged at the 1.2 rate, as an example, is $833,333 which will put the tax payer in the higher tax bracket. The IRS does not like to wait on their money and may require a tax deposit of most of it right a way, or they can charge a penalty, everyone needs to check it out so they do not incur more cost.  Better safe than sorry later.

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19 hours ago, Shedagal said:

Several years ago, there was a DV member named ExecConsult who is a tax attorney.  There was much discussion as to whether the RV would be taxed as cap gains or ordinary income.  He deemed it was going to be ordinary income, although he had written the IRS to challenge that.  Here is one of the threads.  The first post is someone thinking it is cap gains.  ExecConsult replies midway on the first page. 

 

 By all means, if you are not VIP/OSI, please use a CPA or tax attorney to get your information. 

Even if I was VIP/OSI I would still use a CPA or tax attorney that had no stake, no ties to this investment. A fully vetted firm that deals with extremely large sums of money everyday and brush whatever I brought to them off as pittance money. Damn right I research everything.

 

This reminds me of the TD Ameritrade commercial where the husband and wife are talking to the advisor. And she says 100K is not all that much compared to other clients of theirs. The advisor replies back we are talking about you right now. If 100K to you is a fortune, then it is a fortune. 

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25 minutes ago, Theseus said:

Even if I was VIP/OSI I would still use a CPA or tax attorney that had no stake, no ties to this investment. A fully vetted firm that deals with extremely large sums of money everyday and brush whatever I brought to them off as pittance money. Damn right I research everything.

 

Totally agree, Theseus!!  One benefit of VIP is having experts available that are knowledgeable about the dinar.  But I also have CPAs and tax attorneys from previous investments that I intend to gather input from.

Edited by Shedagal
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