exchange - tax?

[templar]

Hey everyone, I am new here and have a very, very, stupid question. I am concerned with how to cash in after the RV, (when and if it happens), with taxes on gains. How is it proven on how much you have made? I don't have a "receipt" and have a rather large physical sum of NID/IQD. When I go to cash it in, how can the IRS prove I made any money at all on it? It was given to me by someone that was in Iraq a few years ago and they are no longer "available" What should I do to prepare?

Thanks

[Biker]

Good Question, My bank told me even thow i was buying it there when i came in to cash in i had to bring proof of ware i got it from , dont no what they will do woth no proof.

[Upgradable]

Take a read here: http://dinarnews.net/cashinguide.php

Welcome to Dinar Vets!!

[billiebobt]

I dont think it matters how much. What matter is that you are cashing in a large sum of money and will be reported as regular income and assessed a 35% tax since you would be over the maximum threshhold.

[templar]

Thank you all. Upgradable, I have that already and it does not answer this question....I am trying to decide whether or not I shoud just shred these bills. I am thinking so because as it looks as if they are worthless to me due to the fact that I will not be able to cash them in since i do not have a receipt. They were given to me and that person that gave them to me is no longer alive. I have number of these 10k bills, who is to say when I cash them in what I got them for. I really need some good accurate advice here. If I can't get it here where should I go?

[Mr. Bone]

Hey Templar - No sense burning them. Just send them to me and I will happily save you some pain and hassle of watching them burn and "discard" them for you!!

On a serious note, You are holding something with some value today although minimal. It is real money and with many's believe, it will rise in value. I believe you will be able to cash in somewhere especially if the initial rate comes in under the final rate. i.e. a 90 day cash in period for the "slaves"!! It is predicted by some the rates would escalate from that time to benefit the greedy and powerful. Someone will want that opportunity to buy low and sell high.....trust me. You should put one in a frame and hang it on your wall in remembrance in recognition of the person who gave you this huge opportunity.

Or .....again.........just send them to me. I am glad to help. Don't burn them!!!!!

[GQ2]

Dear Templar, if it would make you feel better, I'll give you a US dollar for every 10k bill you have! Ha, Ha. Could'nt resist

[dogsutra]

you will not need a reciept once it is a recognised currency. just sit tight when it rv's any good bank will take it and verify it's authenticity and fund your account accordingly.

if you are a VIP you should get preferred rates at cash in.

[codeman]

Correct you do not need a receipt!! If it is counterfeit they will take it just like any other currency.

reciept sorry

Edited March 9, 2011 by codeman

[templar]

Thanks.....I get the sarcasm and haha, lol. All joking aside, I just didn't understand the receipt thing. I have done currency exchanges before but never needed to show a receipt for tax purposes, (to show if I profitted) before...I mean who is to say I did not pay even money and never got a receipt. I mean if it is currency, it is currency right? I thought about just going over seas and exchanging there after RV then depositing it in $$ over the wire. Whats the diff?

Thanks, I think I will keep em and just see what happens.