Dinar from Iraq

[logic2301]

My friend was in Iraq and bought a substantial amount of dinar. In order to cash in at the time of RV, a person must reveal their source of initial purchase. If it's not from a U.S. dealer, then how is he suppose to sell back his dinar?

[Shawna]

i dont understand where this whole proof of purchase has come from.... its currency exchange i dont understand why you would have to provide a source when exchanging any currency and i have never heard of it done before jmo

Edited December 16, 2010 by Shawna

[PhillyDinar]

the only time you would have to prove where you purchased from is if you are trying to claim it as a long term investment in where your receipt would prove how long ago it was purchased.. this is the only instance i could think of where this would even remotely be an issue.

[ronscarpa]

Cash it in with Ali - no proof of purchase required. It's a simple foreign exchange transaction...! Banks might not require PoP if cashing in a small amount, but might if a large amount because of risky or illegal source of currency. Proof of purchase is for long term capital gains in dealing with the IRS as indicated above. Hope this helps...RON

[RAYPOOH]

DinarBanker ask for proof of purchased by providing a receipt.That's if you cash in with them.

[DeeeenAr]

Proof of purchase will probably be necessary considering we are not the only ones to invest, the government and anybody would probably have an educated guess that terrorists or people with bad intentions have also invested.. I'm sure the governtment won't stand to fund those people.. don't be surprised if identification and proof of purchase are necessary to protect the american people

[Ozdinar]

Proof of purchase will probably be necessary considering we are not the only ones to invest, the government and anybody would probably have an educated guess that terrorists or people with bad intentions have also invested.. I'm sure the governtment won't stand to fund those people.. don't be surprised if identification and proof of purchase are necessary to protect the american people

As they have said before, it is a simple currency exchange. Have you ever been required to show proof of purchase when exchanging money after you've travelled?

I have shown id before, and I wouldn't be surprised if you are asked for ID (due to the potential amount) but proof of purchase no.

[DeeeenAr]

Two each his own, my plan is to be prepared in every way I can

[cray-k-47]

so if it is just a currency exchange, is there any tax due on the post rv amount? ive never herd of either pop being required or tax being due for a currency exchange, regardless of the type of currency.

[Uncle Barkie]

This isn't a simple currency exchange in anyway what so ever. Many places may require p.o.p. because of the afore mentioned illegal sources of some IQD that have existed. You must remember Iraq was previously a dictatorship with a great many ties to terrorist activities, so , this is a unique situation in all types of history, including financial history .

As for the taxes due , everyones opinions vary , but yes you will have to pay tax because this is an investment not a simple " I had currency left over after travelling " situation. Any currency exchange where a profit of more than $200 ( I believe) is taxed by our government. . So plan accordingly and have a financial plan ready to reduce ( not evade ) your tax burden.

Either way, we are all about to be a lot more comfortable, whether we make a few thousand dollars or a few million ( my personal hope ) on this investment . So, sit back and enjoy your friends and family in this most excellent of Holiday Seasons !

Happy Holidays to one and all , Especially ! to our men and women serving in the Armed Forces around the world !

Uncle Barkie

[keepmwlknfny]

This isn't a simple currency exchange in anyway what so ever. Many places may require p.o.p. because of the afore mentioned illegal sources of some IQD that have existed. You must remember Iraq was previously a dictatorship with a great many ties to terrorist activities, so , this is a unique situation in all types of history, including financial history .

As for the taxes due , everyones opinions vary , but yes you will have to pay tax because this is an investment not a simple " I had currency left over after travelling " situation. Any currency exchange where a profit of more than $200 ( I believe) is taxed by our government. . So plan accordingly and have a financial plan ready to reduce ( not evade ) your tax burden.

Either way, we are all about to be a lot more comfortable, whether we make a few thousand dollars or a few million ( my personal hope ) on this investment . So, sit back and enjoy your friends and family in this most excellent of Holiday Seasons !

Happy Holidays to one and all , Especially ! to our men and women serving in the Armed Forces around the world !

Uncle Barkie

A simple currency exchange is all it is.....they will be verifying it right then and there or sending it away....either way if its fake, stolen, yada yada yada you wont be getting any money....

[rw.sutton]

so if it is just a currency exchange, is there any tax due on the post rv amount? ive never herd of either pop being required or tax being due for a currency exchange, regardless of the type of currency.

All I can say is..I am ready to pay my (give or take 35 percent) taxes, let the RV happen, and be ready to give me my 65 per cent, life changing investment.. WOW !! Imagine invested pennies for dollars.......

[quadraph0nic]

Proof of purchase will probably be necessary considering we are not the only ones to invest, the government and anybody would probably have an educated guess that terrorists or people with bad intentions have also invested.. I'm sure the governtment won't stand to fund those people.. don't be surprised if identification and proof of purchase are necessary to protect the american people

I dont see how this is an issue at all! But in the event that it is and you were there in Iraq then show them a paycheck stub and your passport placing you there and your reason for being there. That should be more than enough.

Honestly if some bank pulled that cr@p with me, I'd go to another bank unless they are offering me a good spread.

[Traconesu02]

I can not see any proof of purchase required when you cash in your currency anywhere. JMO

[spy]

I specifically emailed Dinar Trade and Ali emailed me back himself and said that he would buy back all of my dinars regardless of where I purchased the.

I think this whole proof of purchase thing has come about because one of the Dinar websites requires proof of purchase for exchange. I can't remember where I saw it, but it was only one dealer.

[gman51]

A simple currency exchange is all it is.....they will be verifying it right then and there or sending it away....either way if its fake, stolen, yada yada yada you wont be getting any money....

I stand to differ with you Keep. I am a CPA with a Masters, and currently working on my PhD in Business Admin. with a specialty in Accounting. I also have worked for the government for 12 years, and this is not a simple currency transaction. As stated above, any transaction where a profit of more than $200 is made requires you to claim it as income on your tax return in the year that you sold it for profit. The tax rate will be determined by the length of time you have had the investment. Under 1 year is taxed as short term gain, and more than a year is taxed as long term gain. Currently short term is no more than 35%, and long term is no more than 15% of the gain. So, you can see where having proof of purchase might be a good thing to have, because knowing the U.S. Government, they will automatically charge you the short term rate if you don't have it.

Not trying to start anything here, but I have watched and listened to explanations in this area before without responding. I felt it was time to respond since it looks like we could be there anytime. The IRS website has all you need to verify this. I believe it is Publication 933. Not sure though, I don't have them all memorized, yet!

[markb57]

I would think too that with the amounts we are talking about here, Homeland Security may want to be notified or have some knowledge of your transaction. We arent talking about a couple thousand. We are talking millions.

[leola]

You may be able to prove purchase, cab, store. airport .meat market,etc,if bought in iraq,

if purchased here you have a receipt

you may not ,sorry with those street buys

[TKM]

Gman51.............totally agree with your post.

[icutiewatcher]

I stand to differ with you Keep. I am a CPA with a Masters, and currently working on my PhD in Business Admin. with a specialty in Accounting. I also have worked for the government for 12 years, and this is not a simple currency transaction. As stated above, any transaction where a profit of more than $200 is made requires you to claim it as income on your tax return in the year that you sold it for profit. The tax rate will be determined by the length of time you have had the investment. Under 1 year is taxed as short term gain, and more than a year is taxed as long term gain. Currently short term is no more than 35%, and long term is no more than 15% of the gain. So, you can see where having proof of purchase might be a good thing to have, because knowing the U.S. Government, they will automatically charge you the short term rate if you don't have it.

Not trying to start anything here, but I have watched and listened to explanations in this area before without responding. I felt it was time to respond since it looks like we could be there anytime. The IRS website has all you need to verify this. I believe it is Publication 933. Not sure though, I don't have them all memorized, yet!

Thank you...This is very good info!

[MikeBeeinNYC]

I specifically emailed Dinar Trade and Ali emailed me back himself and said that he would buy back all of my dinars regardless of where I purchased the.

I think this whole proof of purchase thing has come about because one of the Dinar websites requires proof of purchase for exchange. I can't remember where I saw it, but it was only one dealer.

i remember ali saying that in order for you to cash in with him,you would need proof that you bought from him in the past. maybe people are misreading.he did go on to say he would buy whatever dinar you were holding no matter where you purchased from..as long as you have made a purchase through him

[Kandi77]

I thought Ali said he would cash out anyone, but his customers were going to get first priority.

[MovieMaker]

I thought Ali said he would cash out anyone, but his customers were going to get first priority.

Ali did say along with any purchase from him, he will cash the rest of your money out too.

[spy]

This is the exact question I asked Ali:

Hello,

When the day comes to cash in my iraqi dinar notes, do I need to show you any documentation of where I purchased my bills? I bought some of them on ebay and other than a paypal receipt, I don't have any other documentation.

This is his exact response:

We will be able to exchange your dinars for you, even the ones purchased from other dealers.

Thanks

Ali

Dinar Trade Inc

www.dinartrade.com

Tel:877 770 7660

ps. I did not buy any of my currency from him

Edited December 16, 2010 by spy

[keepmwlknfny]

I stand to differ with you Keep. I am a CPA with a Masters, and currently working on my PhD in Business Admin. with a specialty in Accounting. I also have worked for the government for 12 years, and this is not a simple currency transaction. As stated above, any transaction where a profit of more than $200 is made requires you to claim it as income on your tax return in the year that you sold it for profit. The tax rate will be determined by the length of time you have had the investment. Under 1 year is taxed as short term gain, and more than a year is taxed as long term gain. Currently short term is no more than 35%, and long term is no more than 15% of the gain. So, you can see where having proof of purchase might be a good thing to have, because knowing the U.S. Government, they will automatically charge you the short term rate if you don't have it.

Not trying to start anything here, but I have watched and listened to explanations in this area before without responding. I felt it was time to respond since it looks like we could be there anytime. The IRS website has all you need to verify this. I believe it is Publication 933. Not sure though, I don't have them all memorized, yet!

All I was saying is that there should be no problem exchanging the bills anywhere....I dont see anyone asking for a proof of purchase....the bills are either real or they arent....not even getting into the tax part....I know there is a whole lot more to it then just exchanging it lol but ill worry about it when the time comes ya dig?!?! STAY THIRSTY!