MRCHIPS Posted April 9, 2018 Report Share Posted April 9, 2018 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. 1 Quote Link to comment Share on other sites More sharing options...
ChuckFinley Posted April 9, 2018 Report Share Posted April 9, 2018 I remember reading about it, but cannot remember where. It may have been one of the push pins topics in the VIP section. 1 Quote Link to comment Share on other sites More sharing options...
MRCHIPS Posted April 10, 2018 Author Report Share Posted April 10, 2018 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? 1 Quote Link to comment Share on other sites More sharing options...
jeepguy Posted April 10, 2018 Report Share Posted April 10, 2018 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 ... ( ? ) Quote Link to comment Share on other sites More sharing options...
coorslite21 Posted April 11, 2018 Report Share Posted April 11, 2018 You have a PM.....CL Quote Link to comment Share on other sites More sharing options...
okane Posted April 16, 2018 Report Share Posted April 16, 2018 @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 . 1 Quote Link to comment Share on other sites More sharing options...
MRCHIPS Posted April 16, 2018 Author Report Share Posted April 16, 2018 Thanks to those that answered my question on Fed. Taxes. Good to know your back is covered when questions arise. I'm filed and mailed. Now not to get nailed. LOL Quote Link to comment Share on other sites More sharing options...
madness Posted April 22, 2018 Report Share Posted April 22, 2018 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. 1 Quote Link to comment Share on other sites More sharing options...
tankdude Posted April 22, 2018 Report Share Posted April 22, 2018 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.... 3 2 Quote Link to comment Share on other sites More sharing options...
ChuckFinley Posted April 26, 2018 Report Share Posted April 26, 2018 Not sure about being a tax free event. This country is broke. I would check out VIP and OSI. 1 Quote Link to comment Share on other sites More sharing options...
SocalDinar Posted April 28, 2018 Report Share Posted April 28, 2018 Pay what you owe and not a penny more 1 Quote Link to comment Share on other sites More sharing options...
mtnflk Posted May 29, 2018 Report Share Posted May 29, 2018 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 1 1 Quote Link to comment Share on other sites More sharing options...
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