just need advice

[sdaniels0608]

Hello everyone

I have only had my dinar since Feb and have learned alot since joining this site. So thank you all for your post. i do have a question about cashing in when the RV takes place i am hoping to give my parents and sisters a large chunk of what ever i get but not sure if it is better (as far as taxes go) to give them dinar to cash in or usd so any input would be great.

again thanks to you all and god bless

p.s. my family has no idea i made this investment not even my wife so hopefully its going to be a great surprise. come on RV!!!!!!!

[Unitedrich]

Hello everyone

I have only had my dinar since Feb and have learned alot since joining this site. So thank you all for your post. i do have a question about cashing in when the RV takes place i am hoping to give my parents and sisters a large chunk of what ever i get but not sure if it is better (as far as taxes go) to give them dinar to cash in or usd so any input would be great.

again thanks to you all and god bless

p.s. my family has no idea i made this investment not even my wife so hopefully its going to be a great surprise. come on RV!!!!!!!

Because you are so generous, and I think it is a great thing to do, make sure that you give your family dinar, not cash. Main reason being, if you cash it in, you will have to pay the taxes on the dinar. They would get all of the benefit of the cashed in dinar, however, you would be stuck with whatever taxes are applicable. In my opinion, it is very nice of you to give them the dinar, and believe me, they will be more than happy to pay taxes on something that cost them nothing in the first place.

Just my 2 cents.

[Trimark]

I agree with UR. Also, if you are going to give them dinars then create a document and get it notarized that says that you are giving them the dinars and the date. That way you won't be on the hook for gift taxes because the value of the dinars pre-RV is under the gift tax limit but will be over after. The important thing is to get it notarized BEFORE the RV happens.

The document doesn't have to be fancy just something along the lines of:

To Whom It May Concern:

I, ________________ YOUR NAME, hereby give _______ (number of dinars you are giving) Iraqi Dinars to my parents, NAMES OF YOUR PARENTS AND ADDRESS, on this date _________ (today's date.) The current value of these dinars is ______________ (put current value of the dinars.)

Executed on _________ (today's date).

Signature of YOUR NAME: __________________________________

STATE OF YOUR STATE}

COUNTY OF __________________________________

On __________________________ before me, ________________________________________, NOTARY PUBLIC, personally appeared ____________YOUR NAME, who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

WITNESS my hand and official seal.

[All-In-4-RV]

Can anyone tell me if there is any possiblity of the dinar being re-based and not re-valued? I just read something that made my stomach hurt... Hope it's just one of those smoke screens! ??? Any imput?

[tampa1000]

I agree with UR. Also, if you are going to give them dinars then create a document and get it notarized that says that you are giving them the dinars and the date. That way you won't be on the hook for gift taxes because the value of the dinars pre-RV is under the gift tax limit but will be over after. The important thing is to get it notarized BEFORE the RV happens.

The document doesn't have to be fancy just something along the lines of:

To Whom It May Concern:

I, ________________ YOUR NAME, hereby give _______ (number of dinars you are giving) Iraqi Dinars to my parents, NAMES OF YOUR PARENTS AND ADDRESS, on this date _________ (today's date.) The current value of these dinars is ______________ (put current value of the dinars.)

Executed on _________ (today's date).

Signature of YOUR NAME: __________________________________

STATE OF YOUR STATE}

COUNTY OF __________________________________

On __________________________ before me, ________________________________________, NOTARY PUBLIC, personally appeared ____________YOUR NAME, who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

WITNESS my hand and official seal.

Thanks for sharing....

Edited September 1, 2010 by tampa1000

[letsroll]

Can anyone tell me if there is any possiblity of the dinar being re-based and not re-valued? I just read something that made my stomach hurt... Hope it's just one of those smoke screens! ??? Any imput?

From what I've read the re-basing was to take place in early 2008 by the CBI ...... who knows, we are sort of on the outside looking in..........

What have you been reading that's turning your stomach ?