give a friend a 10

[mofo]

if i want to give a friend a gift of say a 10,000 dinar bill or a 5,000 bill do i have to do a gift letter? sorry i do not understand about these gift letters

[Dogmatic1]

if i want to give a friend a gift of say a 10,000 dinar bill or a 5,000 bill do i have to do a gift letter? sorry i do not understand about these gift letters

The reason for a gift letter; to make clear to any government agency (ie, IRS), that you gave away dinar. Wherever you have purchased in the past, will have record of your purchase. You don't want the IRS coming after you for the total amount of your purchase, if you gave any away. Understand? You don't have to do it, it's up to you.

[mofo]

The reason for a gift letter; to make clear to any government agency (ie, IRS), that you gave away dinar. Wherever you have purchased in the past, will have record of your purchase. You don't want the IRS coming after you for the total amount of your purchase, if you gave any away. Understand? You don't have to do it, it's up to you.

oh ok-so who gets the letter after the rv?? the bank or the irs??? thanks for the info. i also was wondering if it is a good idea to make copies of the bills and write down the serial numbers

[Dogmatic1]

oh ok-so who gets the letter after the rv?? the bank or the irs??? thanks for the info. i also was wondering if it is a good idea to make copies of the bills and write down the serial numbers

No. You keep the letter with your tax information. Yes, I would take a copy and or write down the serial numbers as well. You want to be able to prove that you gave the dinar away to someone else, that is the intent behind the gifting letter.

[mofo]

No. You keep the letter with your tax information. Yes, I would take a copy and or write down the serial numbers as well. You want to be able to prove that you gave the dinar away to someone else, that is the intent behind the gifting letter.

ok thank you so much for getting back to me!!

[Dogmatic1]

ok thank you so much for getting back to me!!

You are so very welcomed!

[racbluto]

oh ok-so who gets the letter after the rv?? the bank or the irs??? thanks for the info. i also was wondering if it is a good idea to make copies of the bills and write down the serial numbers

good luck writing down those arabic numbers... Might be better to photocopy them

[hrdbawl]

if i want to give a friend a gift of say a 10,000 dinar bill or a 5,000 bill do i have to do a gift letter? sorry i do not understand about these gift letters

Let me go one step further. You are allowed to gift $13,000 to anyone you want and NOT report it...period! If the Dinar you give to someone is valued under $13,000 when you "gifted" it to them, you are both in the clear with the IRS. If it pops at ANY moment after you gave it to them, this is of NO consequence to you or the giftee. The IRS only care's about the current market value of your gift at time of gifting.

Hope this was clear. You are absolutely fine giving those Dinar away as we speak today (although I wish I could tell you that $10k in Dinar was indeed worth more than the $13k due to a recent RV, but I can't).

Don't wait to give it away if you are going to do it. This will also make it their tax responsibility too when they sell it (if they sell it of course).

Edited September 24, 2010 by hrdbawl

[WBC]

Photo coping is the way to go!

There are very slight differences in some of the numbers (their 2's and 3's) that would make it very difficult to reproduce if you do not know what to look for.

I have copied all my notes and keep them in a separate location.