Cash-In Question

[LittleMissGrits]

Today I spoke with a BOA employee about currency wire and electronic transfers. I may need to exchange some dinars for a friend who will be out of the country. We both have BOA accounts. In order to do that, I would have to make the exchange into my account and then electronically transfer to her account. How can this be done and not get sticky for tax purposes? Also, if I exchanged her dinars with Ali, then the dollars would have to electronically go from his account to her account technically, right? Who can help me out on this? I know Ali has said that he would need a notarized statement to authorize a cash in of dinars for another person. What say ye???

[Niko]

BOA has a big black X on the dinar as it stands now.

[LittleMissGrits]

BOA has a big black X on the dinar as it stands now.

No bank deals with it now to any degree. I did not mention the dinar specifically to BOA, just asked about exchanging currency in general and getting it into another account other than my own.

[Niko]

I dont understand your ?

[LittleMissGrits]

I dont understand your ?

I was relaying my conversation with BOA, asking how an exchange could be made that would have to go through my account into a friend's account without having sticky tax implications ... because BOA would not permit me to take the friend's dinars (or any currency), exchange them and deposit them to HER account without first going through MY account. And then I questioned whether or not Ali would have to do the same thing ... go through HIS account (or MY account) to get to my friend's account? Seems a lot of hoops to jump through.

[going bonkers]

I believe Ali is the way to go, he said something to the effect of "you can bring in someone elses dinar with a notarized statement (maybe an affadavit, not sure) with the other persons signature stating they want you to cash in and wire the funds to the other persons account (and he needs the account number on the letter)......please correct me if I'm wrong someone......GO RV..

[Niko]

Grits, my advice is pay the taxes. Dont play games.

[Doc31]

Thanks for the post

[LittleMissGrits]

Grits, my advice is pay the taxes. Dont play games.

this is not about paying taxes, but about cashing in for a friend who will be out of the country for some time ... just seems to muddy the tax waters if it has to go through my account to get to her account.

[kingjaffi]

this is not about paying taxes, but about cashing in for a friend who will be out of the country for some time ... just seems to muddy the tax waters if it has to go through my account to get to her account.

If you cash it in under your SSN or name and account number...you will be liable for the tax...not your friend. Depending on the amount, you might need to get a lawyer involved for a few grand.

[cris]

send her the dinars fed ex.....or have her fly back....she should take care of her own situation....that leaves you out of the 'sticky' problems that will occur....jmo....its her problem

[Hopeful Leo]

You should go cash in with Ali at Dinar Trade with one of his forms or have her do it herself.

[LittleMissGrits]

If you cash it in under your SSN or name and account number...you will be liable for the tax...not your friend. Depending on the amount, you might need to get a lawyer involved for a few grand.

the fincen 104 form requires ss#, so hopefully that will clear up any tax issues. thanks all for replies. we can only hope we have a reason to worry about all this!!! lol

[Hopeful Leo]

the fincen 104 form requires ss#, so hopefully that will clear up any tax issues. thanks all for replies. we can only hope we have a reason to worry about all this!!! lol

Amen, Sister!