Sunday Night Opinions @ 11:32 PM CDT - 12/18/2023

[ronscarpa]

REMEMBER, no one really  knows what will happen, or when. They're simply stating their opinions based on what they perceive to be happening in Iraq... So, take everything with a grain of salt ...  RON 

 

 

Frank26   If you held your dinars for 1 year and you have the receipt to prove that, the date, then more than likely you'll be somewhere in the 20% range of taxes.  If you...have no receipt, oh boy, you might be in the 40%.  Yikes. You have 1 million, you'll have to give Uncle Sam $400,000. I'd rather give him $200,000 because I have a receipt where I've held my dinars for at least 1 year.  For those of you...that just bought your dinars last month. Hmmm. You may have to consider to hold on to them for another 11 more months for tax purposes.  [NOTE:  Some gurus feel the dinar will be taxed as ordinary income and not capital gains as suggested here. Always speak with your tax advisor at the appropriate time to determine the right tax for your unique situation.] I guess we'll find out within a very short time of any IQD value increase where profits might be claimed.

 

 

[Willie1505]

IRS website says "profits from sale or trade of currency is taxed as regular income regardless of how long the investor has held the currency."  So be prepared to lose half between Federal and State taxes.  

 

[Inbedded HorseHead]

Not according to chat GPT:

As of my last knowledge update in January 2022, the United States does not have a specific tax rate for long-term hard currency profits. Instead, the taxation of capital gains, including those from currency trading, is generally subject to the capital gains tax rates.

For individuals, the capital gains tax rates can vary depending on your income and the holding period of the asset. As of 2022, the long-term capital gains tax rates are 0%, 15%, or 20%, with the rate you pay depending on your overall income. Short-term capital gains, which result from the sale of assets held for one year or less, are generally taxed at ordinary income tax rates.