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Filing Federal taxes question re: Dinar


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I know this was covered awhile back but can't locate the info. My question is:

1. do we claim ownership of foreign currency holdings? 

2.Claim a Director of an offshore LTD Corp.?

3. What was the FinCen question to answer (maybe line 33)?

4. any other helpful answers.

5. direct me to the discussion area.

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Thanks for the response. I have looked all over but the posts are so numerous it's getting harder to locate what you need. 

I have a tax appointment and would sure like to find the answers. I will have to file an extension if I cant find the info.


Anyone else with input?

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I looked a few times,  and the terminology is grey ,  as in foreign holdings , c.d.'s. Bonds , things of this type .  I do not have off shore so out on that one ... As in dinar it is so worthless now , it seems to be a non issue as of now I can imagine ...  (  ?  )  

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@mrchips, my understanding is that you have to have one of two things happen before having to report to the IRS regarding IQD. 

1.  Having a foreign bank account with , I believe, 10K USD or more.

2.  Having a "taxable event".  Selling your IQD.  You would be liable for taxes on the gain.  How that gain will be taxed is still a point of speculation.  

 

Some of your questions are better answered in the OSI section.  Adam has created a few options to increase your profits and better control your taxes that are covered in the VIP section .

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Well read that this will be a tax free event. lol well it would be a tax free event anyway, its not a darn event, by IRS tax code foreign currency is not considered an asset, therefore cannot be taxed on the capital gains tax, hence I dont think you report it as income " now the interest you make on the money that is taxable" ,  congress would have to pass a law and doubt that will happen before an rv is put into motion. now being from california and seeing how corrupt these dam politicians are out here, I would not put it past those bastergeez to hold an emergency  meeting and try and pass a state income law on taxes to take a slice, guess best bet is to keep fingers crossed this rvs this year and ride out the tax year. and if you are in a high income state would highly suggest you get the hell out to a no income tax state. I read this somewhere on the net that the poster had called the IRS to confirm it. so take it with a grain of salt.

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2 hours ago, madness said:

Well read that this will be a tax free event. lol well it would be a tax free event anyway, its not a darn event, by IRS tax code foreign currency is not considered an asset, therefore cannot be taxed on the capital gains tax, hence I dont think you report it as income " now the interest you make on the money that is taxable" ,  congress would have to pass a law and doubt that will happen before an rv is put into motion. now being from california and seeing how corrupt these dam politicians are out here, I would not put it past those bastergeez to hold an emergency  meeting and try and pass a state income law on taxes to take a slice, guess best bet is to keep fingers crossed this rvs this year and ride out the tax year. and if you are in a high income state would highly suggest you get the hell out to a no income tax state. I read this somewhere on the net that the poster had called the IRS to confirm it. so take it with a grain of salt.

Hate to be a bubble burster - but I think you will be sadly mistaken.  A member here named ExecConsult - an estate attorney- did quite an in depth analysis of this a year or so ago.  This topic has been discussed quite a bit.  His basic conclusion is this is a taxable event and will be taxed as "ordinary income."  The same as if you bought a piano at an estate sale, then found a large sum of money in it years later. (Actual case - I can get it for you if you like). 

 

You can find find the discussion here....  

 

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  • 1 month later...

When I return from an international trip, I usually cash in/exchange any foreign currency.  I have never been asked any questions about it or every paid any taxes.   Why should it be any different exchanging IDQs?    I have been advised by people that have the mega dinars, slated for the humanitarian effort.   there are no tax  consequences.   I read all the arguments about taxation.  But I have seen no written formal documentation. other than assumptions    But checking my bets I still will put away 40%.  Also I do not want to exchange my dinars into $ US.    I live in the N. GA area and wish I knew a few like minded folks................. Cheers

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