Dinar from Iraq

[okane]

Hey gman51, Are you suggesting that taxes would be collected by the bank when we cash in???

If that were the case ..... my local bank would then become an agent acting for the IRS. When I make a deposit for my business, they don't take the taxes out of my account then. You take care of taxes when you file. The only time what you're suggesting my happen is with lottery winnings. I don't play but I believe a cut is taken for taxes then. You are correct about proving the long term investment, You would need the p.o.p. in that case.

With your back found, what is the most creative (legal) tax deduction you have seen??

[LuJo]

I am extremely optimistic. I think the ratio will be 1 ID : 1 USD in 2018. This is what I thought when I originally bought them in 2003. I knew it was a long shot investment that if it was to pan out, might take 20 years. But, within the recent weeks, some positive steps have been taken and I think I can take a couple years off of that. Very Optimistic!

I recently checked on my investment this week for the first time in a very long time. I did this because somebody came into a friend's law firm this Monday wanting to start a trust with ID. The client told him that they thought the Dinar would be revalued to pre Gulf War values on Wednesday the 15th. We both wondered why this client was so convinced that Wednesday would be a day that a revaluation would take place. With about 30 seconds of research, Obviously it was because of the UN Security Council meeting. I checked in here while investigating. I was surprised to see that the banter has been continuing since I stashed away my Dinar years ago. If you were counting on a revaluation taking place in the next few weeks, polish up the resume or ask the boss for some more hours. Remember in 2003 when I said that nobody is going to become the king of Bunga Bunga Island. Some old schoolers might remember that.

[Shawna]

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

I hope the men and women who are and have served in the Armed Forces dont get the shaft in this investment. because we got our dinar in iraq ofcourse without proof of purchase. i still believe that it will be a currency exchange regardless. or atleast i hope.

[Bittersweet]

Thank you...This is very good info!

I also agree with GMAN. My brother is a CPA and has verified all the above.. Also, with any transaction over $10,000 in the US, the FBI is contacted for tracking purposes due to the Patriot Act. I too, have POP with all my dinars and will 'probably' be needed. I was also told this is no simply 'currency exchange'. Better to be safe than sorry. I also have notarized gifting letters ready so that I can give dinars to any family or friend I want at pre-RV value. No need to raise any eye brows with the IRS after RV. I plan to provide POP to those who I gift too as well. Keep in mind, you can only gift $13k per year to anyone; up to $1M lifetime.

[gman51]

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!

Gotcha dude.

Hey gman51, Are you suggesting that taxes would be collected by the bank when we cash in???

If that were the case ..... my local bank would then become an agent acting for the IRS. When I make a deposit for my business, they don't take the taxes out of my account then. You take care of taxes when you file. The only time what you're suggesting my happen is with lottery winnings. I don't play but I believe a cut is taken for taxes then. You are correct about proving the long term investment, You would need the p.o.p. in that case.

With your back found, what is the most creative (legal) tax deduction you have seen??

I have 2 exotic dancers whose taxes I do every year. They come up with some deductions for stage props that sometimes make me blush. But, for creativity, years ago a friend of mine listed cocaine as an entertainment deduction. That took alot of guts. Or stupidity. As for the bank taking your taxes at cash in, that is not a function of the banks. You are responsible for your taxes. You must file a return in the year you cash in and claim it as income.

Edited December 16, 2010 by gman51