Purchase date of dinar before the RV

[jbbdolphins]

I was reading today about gifting dinar before an RV...it was mentioned that if you "bought and held dianr for more than a year, the gain would be considered long-term...copies of documentation are needed to prove purchase date. I do not have documentation or proof of a purchase date, which goes back a few years. Based on this info, will I be able to cash in my dinar? I bought through GID associates, but I am willing to bet they will not be able to give me the info I need. Any Suggestions?

[jte70]

I guess if you can't prove you had it longer than a year, you have to pay short term cap gains.

[eddieisme]

Why wouldn't they be able to give you the info you need? Call and ask.

[MooCow]

I would call and ask. Another thing I would do is to look at your bank statement. It should show up on there. Since it is two years back you will probably have to go in your bank and ask for old statements. Most online banking only goes back 12 mos.

[muydinar]

They send a receipt with the dinar. I have made multiple purchases from GID.

Check you email. Email confirmation of your purchase is same as a receipt and it has a date.

[keepmwlknfny]

I was reading today about gifting dinar before an RV...it was mentioned that if you "bought and held dianr for more than a year, the gain would be considered long-term...copies of documentation are needed to prove purchase date. I do not have documentation or proof of a purchase date, which goes back a few years. Based on this info, will I be able to cash in my dinar? I bought through GID associates, but I am willing to bet they will not be able to give me the info I need. Any Suggestions?

If you bought it with them they should have your purchase on file.....I guess it also depends on who you talk to....some CPA's and tax attorneys are saying it wont matter how long you have held your dinar because regardless you will be paying a split rate of 60/40 which will turn out to average around 35% total including state tax....then others are saying its either long term or short term depending on how long you held it.....I wouldnt worry about it a whole lot....just find the one that says its a split pay for taxes and you wont need any proof and you wont end up paying a whole lot either....

[jbbdolphins]

Thank you all for your help...

[dravmorris2]

CHASE GOES BACK 7 YEARS..............................

SO THAT YOU KNOW.

dravmorris2

[MovieMaker]

THANKS FOR THE QUESTION. . . THANKS FOR THE ANSWERS!

[Frank61]

I was reading today about gifting dinar before an RV...it was mentioned that if you "bought and held dianr for more than a year, the gain would be considered long-term...copies of documentation are needed to prove purchase date. I do not have documentation or proof of a purchase date, which goes back a few years. Based on this info, will I be able to cash in my dinar? I bought through GID associates, but I am willing to bet they will not be able to give me the info I need. Any Suggestions?

IRS tax code 988e 1 year on currency gain.......15% Under 1 year.....35%

[couchspud]

IRS tax code 988e 1 year on currency gain.......15% Under 1 year.....35%

Frank61, thanks for the info on the tax rates. I was wondering what the Fed taxes would be but hadn't talked to my CPA yet. Do you know anything abiout State tax rates? I'm in Missouri, the tax rates here (I think) are about 9% of taxable income. Do you think I would just add the 9% to the Fed tax rate? Just wondering if you would happen to know this. Thanks and great post!!

[Parkerbjp]

I was reading today about gifting dinar before an RV...it was mentioned that if you "bought and held dianr for more than a year, the gain would be considered long-term...copies of documentation are needed to prove purchase date. I do not have documentation or proof of a purchase date, which goes back a few years. Based on this info, will I be able to cash in my dinar? I bought through GID associates, but I am willing to bet they will not be able to give me the info I need. Any Suggestions?

Jd. I bought all mine from GID, n I had not paid an order n they called me to verify either to void the purchase or pay for it. They were doing I guess monthly clean ups. Basically if they were that particular on there purchase follow ups I would garuntee they would have copies of your purchase. But also if uwired the money I'm sure the bank would help. Hope this helps. Also they r very nice n helpful to talk to on the phone.

[detroitjazzman]

Perhaps if you are worried about long/short term capital gains, why not cash in som and sit on the rest until it makes sense to cash in. My though was if RV prior to end of year, cash some this year and cash some next year to spread out my tax liability. Just saying

[spy]

probably can't sit on it given that there may be a window of time to cash in.

[rockinbaghdad]

question... bought ours 5 year. Have worked in Iraq for the past 6+ years. bought it at the bizzare and didn't get a receipt. Paid cash. Nothing to show when or where i got this from.... How would that work for me.?

[MovieMaker]

question... bought ours 5 year. Have worked in Iraq for the past 6+ years. bought it at the bizzare and didn't get a receipt. Paid cash. Nothing to show when or where i got this from.... How would that work for me.?

Good question, my Army husband is wondering the same thing. We've had ours since 2003 from Iraq tour.

[rockinbaghdad]

I am wondering if we could use statements from people who have seen it and know how long we have had it. Other than that..... i don't know what we would do except pay the taxes.

[Carrello]

Regarding Federal taxes, you need to talk to a good tax attorney. The way I see it, any profit is a capital gain, held short or long term. But there have been many discussions with tax professionals on this site regarding this investment being capital gains vs. regular income. Look for these discussions. There may be more in the VIP section.To play it safe, until there is a definitive answer, I will hold 38% in an account to pay the taxes if I need to.

Several IRS international auditors have said it is treated as regular income per an attorney I spoke with this week, and is a dinar older himself.

But be careful. I would hate to hear stories about people that spent and gave away their money, and end up owing money to the government, and then loose whatever you bought. And don't forget your state taxes too.

Do your research and call the IRS.

Sophies Mom

[Traconesu02]

I was reading today about gifting dinar before an RV...it was mentioned that if you "bought and held dianr for more than a year, the gain would be considered long-term...copies of documentation are needed to prove purchase date. I do not have documentation or proof of a purchase date, which goes back a few years. Based on this info, will I be able to cash in my dinar? I bought through GID associates, but I am willing to bet they will not be able to give me the info I need. Any Suggestions?

If you purchased your dinar from any dinar dealer - they will have your reciept on file and be able to email you a copy of it.

I would have to guess if you can not show proof of when you purchased it then it would have to be short term gains.

Tax consultant would be your best bet.

[gman51]

Good question, my Army husband is wondering the same thing. We've had ours since 2003 from Iraq tour.

It should be possible to prove you were there and when. I believe that would be good enough in case of an audit. The IRS can be reasonable at times. And I do not think they want to penalize someone in uniform.

[gman51]

I don't know why, at this point, some people on here still are confused about the tax code in reference to currency exchange. Many people have stated IRS Publication 988c on here numerous times. It is very easy to read and understand. As a CPA, I have many people come to me in trouble with the IRS. Most of the time, someone tried to explain to them the truth, but they didn't listen. They read into the Tax Code what they wanted it to say, not what it actually said. I can tell you this, stupidity has never been accepted by the IRS as a reason for being wrong. They will stick it to you HARD! Please don't let such a wonderful experience turn into your worst nightmare because of greed. PAY YOUR TAXES GLADLY!!! If you don't, the IRS will destroy you.