I bought dinars for someone

[Saint Cloud]

I bought a friend some dinars at the same time I bought my own. What am I to provide her in terms of receipt, etc., for tax time? Any instruction would be appreciated.

I am new so please excuse if this has been answered before.

[Goeers]

Iraqi currency is an "instrument of the bearer". Your friend should not need any paper work to cash in. However for IRS purposes the receipt would be important as far as the acquisition date to determine if the 15% long term capital gains rate applies. I think.........................................................

[gamblinkid]

To expand a little further on Goeers remarks: I plan to give/send a letter to my daughters with (1) date of purchase--(so they can determine long or short term capital gains) and (2) my cost basis in my gift. From the chatter on dinarvets, purchase date, sell date, sell price$$ &cost basis will reported on Schedule D of F1040.

[moose 57]

A copy of your receipt? Maybe? Otherwise, pay the taxes for the dinar that you or your friend bought. (your friend pays theirs)!

[CAPT JACK]

Try this:

http://dinarvets.com...ft-letter-form/

Affidavit of Gift

My name is [my name], also known as [drop your middle initial or add any other AKA here]. I am producing this affidavit to memorialize a completed gift of __[quantity]____________ Iraqi Dinar note to my [relationship- i.e. friend, son, daughter] , [recipient’s name].

The intent of this letter is to establish the time of gift and basis of the gift for gift tax valuation purposes and to provide documentation of the transfer in the case that such documentation is ever necessary for [recipient’s name] to exchange the gifted nonfunctional currency for other currency.

ESTABLISHING DATE

I, [my name], located in the city of [city], state of [state], on the _____day of _______, 20____ did gift a note(s) of currency of the Iraqi government with a total value of __[quantity]____________ Iraqi Dinar to my [relationship], [recipient’s name], living in the city of [city], state of [state] without compensation or expectation of gain for myself.

This gift was accomplished by placing said note(s) in the mail with the USPS, limited delivery, postage paid, and properly addressed as follows:

[recipient’s name]

[street address]

[city] [state] [zip]

ESTABLISHING TRAIL OF TITLE

On the ___ day of ______________ 2010 I exchanged $[purchase price of Dinar] of United States currency for [total quantity of that purchase as reflected by receipt] Iraqi Dinar (IQD). The above referenced Dinar was received by me in this transaction. I conducted this transaction with [name of currency dealer] located in the city of [city], state of [state] under the order # of [order number].

I hereby affirm and attest that the above statement is true and correct to the best of my knowledge.

This instrument was on the date thereof signed, published and declared by [my name] to be a true affidavit in our presence and in the presence of each of us, and we, at the same time, at the affiant’s request, in the affiant’s presence and in the presence of each other, have hereunto signed our names and addresses as attesting witnesses.

Address:

_______________________, Witness

Address:

_______________________, Witness

STATE OF ________________________ )

) ss.

COUNTY OF _______________________ )

On this day, _______________________, 20___, before me personally appeared [my name], as affiant, personally known to me (or proved to me on the basis of satisfactory evidence) to be the individual whose name is subscribed to the foregoing Affidavit of Gift, and acknowledged that he[she] executed the same as his[her] voluntary act and deed for the purposes therein contained. Also appeared before me ____________________ as witness personally known to me (or proved to me on the basis of satisfactory evidence), and _______________________ as witness personally known to me (or proved to me on the basis of satisfactory evidence) who did witness affiant’s signature in his presence and in the presence of each other.

Witness my hand and official seal.

[seal]

____________________________, Notary Public

My commission expires: ______________________

[MovieMaker]

Thanks, good info.

[RRSport]

I bought a friend some dinars at the same time I bought my own. What am I to provide her in terms of receipt, etc., for tax time? Any instruction would be appreciated.

I am new so please excuse if this has been answered before.

Do a hand written receipt or type it up stating for their $1200 they are nopw the rightful owner of 25000 Iraqi Dinar.

[eatmoney]

GIVE THEM THE RECIEPT AND BE DONE WITH IT