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one2one

Lost Purchase Receipts

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i was looking at my Iqd and only have the DeLarue certification from Dinar Trade :

will that affect cashing in ?

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I don't think so.  The bank doesn't care when or from who bought them from.  Now for tax purposes it MAY be another story.  But that bridge can be crossed if and when we get there.

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Been adding to my collection of notes using E-bay whereas I initially purchased the bulk of my notes through currency dealers. Lately I've preferred to add in smaller increments. Was another thread up talking about authenticity of these notes. (Think it was Synopsis), anyways I always check any new notes with a black light and look for all the security features and I've never encountered anything that appears to be a counterfeit. Although I'm sure with today's technology it may be possible to counterfeit these notes but what else could we do to authenticate them? Black light highlights the amount of the notes, Horse head watermark, Gold thread, color changing motif, what else is there short of running them through a Delarue machine? I don't think receipts will matter either way on cash in but I am keeping them regardless.

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12 hours ago, one2one said:

i was looking at my Iqd and only have the DeLarue certification from Dinar Trade :

will that affect cashing in ?

 

Though I'm not a licensed tax professional, I believe the following is correct. 

You won't need a receipt to cash in, but if you try to claim the income as "Capital Gains" on your taxes, then it is relevant since you've owned your dinar for well over a year and you would get the lower, long term Capital Gains rate of 20% rate.  This is a good thread that discusses taxes.    

 

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11 hours ago, KristiD said:

 

Though I'm not a licensed tax professional, I believe the following is correct. 

You won't need a receipt to cash in, but if you try to claim the income as "Capital Gains" on your taxes, then it is relevant since you've owned your dinar for well over a year and you would get the lower, long term Capital Gains rate of 20% rate.  This is a good thread that discusses taxes.    

my same old thoughts from 6 years ago---cash in for whatever--forget taxes and the bank spread 

bail out and head to Ecuador

 

 

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15 hours ago, KristiD said:

 

Though I'm not a licensed tax professional, I believe the following is correct. 

You won't need a receipt to cash in, but if you try to claim the income as "Capital Gains" on your taxes, then it is relevant since you've owned your dinar for well over a year and you would get the lower, long term Capital Gains rate of 20% rate.  This is a good thread that discusses taxes.    

 

I've seen it discussed in other areas regarding this issue that if you don't have it when filing taxes you might be able to submit what is called a liars affidavit in its place. I have all my receipts and paperwork locked up with my Dinar however just because I believe more information will come out after the RV/RI.

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i doubt if the I.R.S. has any policy regarding cashing in Iraq Dinar :

are they going to single out one currency to figure out a ' Special Tax ' ?

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Aren't we supposed to say "exchange" instead of "cashing in" when the time comes? I read that so many times. Maybe, I'm wrong. If so, please correct me. 😕☺️

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6 hours ago, Sandrider said:

Aren't we supposed to say "exchange" instead of "cashing in" when the time comes? I read that so many times. Maybe, I'm wrong. If so, please correct me. 😕☺️

 

top of the page :

Adam's  'Cashing -in - Guide '

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On 6/30/2019 at 5:42 PM, Sandrider said:

Aren't we supposed to say "exchange" instead of "cashing in" when the time comes? I read that so many times. Maybe, I'm wrong. If so, please correct me. 😕☺️

 

Yes, you are correct.  But cashing in is a term we've come to adopt and old habits die hard.  Plus I like "cashing in" because the RV will sort of be like winning a bet for those of us who took a gamble when we bought dinar when most people thought we were foolish.  So it really will be like cashing in on good bet.  So I for one continue to use it even though I know it's technically not the correct term.  However, when I go to the bank, I will say "exchange".

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5 hours ago, KristiD said:

 

Yes, you are correct.  But cashing in is a term we've come to adopt and old habits die hard.  Plus I like "cashing in" because the RV will sort of be like winning a bet for those of us who took a gamble when we bought dinar when most people thought we were foolish.  So it really will be like cashing in on good bet.  So I for one continue to use it even though I know it's technically not the correct term.  However, when I go to the bank, I will say "exchange".

 

correct and it applies to my theory :

investing $ 3000 in hopes of making millions

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When the time comes, I will be so nervous. I have yet to find a CPA or lawyer that can deal with this. Nobody seems to know what I am talking about. I will probably have to use my tax man and his company to help us out with trust funds, etc.  Does anyone know the firm Edward Jones? They do investments and help people with their credit card debts etc. Thank in advance for any info. God Bless all and good luck.😓

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18 hours ago, Sandrider said:

When the time comes, I will be so nervous. I have yet to find a CPA or lawyer that can deal with this. Nobody seems to know what I am talking about. I will probably have to use my tax man and his company to help us out with trust funds, etc.  Does anyone know the firm Edward Jones? They do investments and help people with their credit card debts etc. Thank in advance for any info. God Bless all and good luck.😓

I have a little experience with them.  They are a franchise operation and my opinion is that the brokers working there are not very experienced.  They just follow the guidelines given to them by the corporate officie that recommend investments for the average client - tailored to match say an older, more conservative investor, versus a younger investor who may want to take more risk.  They don't really work with you, they just follow what corporate tells them they should recommend.  My opinion is Edward Jones is not the place for a wealthy investor.  I would look for one with more experience -ask around and you'll be able to find the top attorneys in town.  Then ask them to recommend the best investment advisors and see if any of them are consistently recommended by the top attorneys.  And then - check them out!  Verify their credentials, research for complaints and try to find reliable/unbiased recommendations.  While it will be scary for all of us who were never rich - to suddenly be rich - remember there will be many professional scammers that will try to take advantage of us.  YOU/WE have to take responsible for who we decide to trust - and attorneys and investment advisors are perhaps the two most critical professionals we will ever work with.  Historically, it's attorneys and financial advisors who steal their clients blind - bankrupting millionaires all the time.  You cannot be too careful in making your choice about them.  Better to take a long time and do all you can to verify they're reputable.  Don't let your fear push you into accepting anyone just because you're uncomfortable and want help right away.... it may cost you your wealth.  jmo    

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I am by far the last guy to commit on this, because I have very little understanding of the tax laws as it pertains to the dinar. Here are a couple ideas to think about.

 

  1. If you bought it through your bank account, CC, or similar you may be able to get a copy of the statement.
  2. Type up a letter stating that On or About this time period I bought IQD worth .......... similar to the gifting letter and get it Notarized. Just say you lost your documentation.
  3. If you are in VIP/OSI gift your dinar ASAP.

Just something to think about.

 

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2 hours ago, Sandrider said:

Thank you Chuck Finley. Something to consider asap.

You're welcome. We are all here to help. :salute:

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