Wednesday Night Opinions @ 11:30 PM CDT - 3/17/2021

[rvmydinar]

4 hours ago, Longtimelurker said:

Correct, same spread and same taxes. If i hold 10 million dinar and exchange rate is 1:1 subtract spread, taxes etc i might have 6 million usd when everything settles. Fees and taxes cost 4 million usd. 

 

If i buy 5 million more dinar, i can walk away with 10+ million usd after everything settles and i basically paid $5000usd to cover my $4 million in taxes. 

If you hold 10 million and the rate is 1:1, then you get 10 million usd - 4 million ( fees and taxes )=  you get total= 6 million.

 

But if you buy 5 million more dinar, then you hold= 10 million + 5 million= 15 million - ...... million ( fees and taxes ) you get total=......usd. do you think you pay the same fees and taxes ( 4 million ) if you hold total=15 million?

[Fairways&Greens]

I was just at my bank 10 minutes ago (Wells Fargo). Asked if there are any fees to exchange foreign currency. Answer is no. Rates fluctuate every day, but they don’t charge 1% or 2%. It’s a basic transaction like purchasing a cashier’s check. No fees. I don’t understand all this fear about the bank “getting their piece of the pie” nonsense. 

[rvmydinar]

4 minutes ago, Fairways&Greens said:

I was just at my bank 10 minutes ago (Wells Fargo). Asked if there are any fees to exchange foreign currency. Answer is no. Rates fluctuate every day, but they don’t charge 1% or 2%. It’s a basic transaction like purchasing a cashier’s check. No fees. I don’t understand all this fear about the bank “getting their piece of the pie” nonsense. 

If we don't have to pay for the fees, then it is a good thing if this is really true. so we pay for taxes and spread only right. Or do you think we don't need to pay for taxes, too? Because paying taxes costs a fortune.

[Longtimelurker]

1 hour ago, rvmydinar said:

If you hold 10 million and the rate is 1:1, then you get 10 million usd - 4 million ( fees and taxes )=  you get total= 6 million.

 

But if you buy 5 million more dinar, then you hold= 10 million + 5 million= 15 million - ...... million ( fees and taxes ) you get total=......usd. do you think you pay the same fees and taxes ( 4 million ) if you hold total=15 million?

Yes. Same fees and taxes. But the amount you end up with after the fees and taxes equals the amount you were holding before you ordered more. 

[Longtimelurker]

58 minutes ago, Fairways&Greens said:

I was just at my bank 10 minutes ago (Wells Fargo). Asked if there are any fees to exchange foreign currency. Answer is no. Rates fluctuate every day, but they don’t charge 1% or 2%. It’s a basic transaction like purchasing a cashier’s check. No fees. I don’t understand all this fear about the bank “getting their piece of the pie” nonsense. 

There is typically a spread. Buy/sell. If the rate is $1.00 they might only pay .98 cents. No fees

[Fairways&Greens]

2 hours ago, Longtimelurker said:

There is typically a spread. Buy/sell. If the rate is $1.00 they might only pay .98 cents. No fees

I believe you are correct. Makes sense, but it’s not something I think about, unless the rate is $1.00 and they only pay .95 or .90, then I’m gonna start barking. Lol. Bankers are greedy. I’ll do my due diligence before running to the bank. 

[Fairways&Greens]

3 hours ago, rvmydinar said:

If we don't have to pay for the fees, then it is a good thing if this is really true. so we pay for taxes and spread only right. Or do you think we don't need to pay for taxes, too? Because paying taxes costs a fortune.

Taxes will be there one way or another; but Iraqi Dinar is not my job, so it is not regular income. It would be capital gains tax on investment if I understand correctly. I’ve got enough Dinar that if taxes are high, I’ll still come out happy. 

[Longtimelurker]

6 hours ago, cws said:

im going to assume no matter the tax rate or any spread the more Dinar you have the more you’ll have left after the fees and taxes are paid. 

Correct

[rvmydinar]

15 hours ago, Fairways&Greens said:

Taxes will be there one way or another; but Iraqi Dinar is not my job, so it is not regular income. It would be capital gains tax on investment if I understand correctly. I’ve got enough Dinar that if taxes are high, I’ll still come out happy. 

Taxes is unavoidable. Once we hold dinar, we will pay taxes when it rv no matter what.

[rvmydinar]

16 hours ago, Fairways&Greens said:

Bankers are greedy.  

you are exactly right. That's how the bank survives.

[rvmydinar]

19 hours ago, Longtimelurker said:

Yes. Same fees and taxes. But the amount you end up with after the fees and taxes equals the amount you were holding before you ordered more. 

Thanks. I got it now.

[Shedagal]

1 hour ago, rvmydinar said:

Taxes is unavoidable. Once we hold dinar, we will pay taxes when it rv no matter.

Wrong.  Read the Guide.  You can lead a horse to water . . .

[Shedagal]

1 hour ago, rvmydinar said:

It would be capital gains tax on investment if I understand correctly

This has been discussed ad nauseum on this site and others.  Tax experts believe it will be ordinary income (as does Adam).  @ExecConsultdid an exhaustive thread a couple of years ago.  He is a tax attorney.

[rvmydinar]

26 minutes ago, Shedagal said:

This has been discussed ad nauseum on this site and others.  Tax experts believe it will be ordinary income (as does Adam).  @ExecConsultdid an exhaustive thread a couple of years ago.  He is a tax attorney.

Thanks. I got it.