Verification of reciept

[The Original Spike]

I was just told that we would have to have our receipt of purchase when it becomes time to cash in. I have no problem with this, I have kept all my money-order stubs and delivery receipts. What I want to know is, has anyone else heard this? It makes sense with the govt trying to keep the drug money and laundering to a minimum, but I would also think that unless caught in the act of dirty dealings, the govt wouldn't really care that much once it had gotten to that point because of the taxes it would bring in. I guess they could be greedy and want it all... Anyway, any solid fact on this rumor?

[Kimberlye]

I believe the receipt has more to do with how much you will pay in taxes - long-term versus short-term investment.

I have receipts for some of mine but not all of it. I do have all my dinars in Warka. Hmmm, I wonder if that will help us with taxes because it will have the date I deposited the money, which obviously would show that I've had it for a long time. Sounds good to me.

Kim

[MakeMeRich]

It has to do with long term vs short term investment. If recipt for money is over a year you get lower taxes of 15% instead of the 35% if under a year. If you can't prove when you bought your dinar then they will more than likely call it short term and charg highest tax bracket of 35%

[The Original Spike]

My step-father, who is also invested in this, and is much more enthusiastic about things transpiring soon, was the one that brought this up by the way...

Makes sense... Stinks because a large amount of my holdings are under a year... but it is what it is, right? They just need to get it done!

[hozer]

Here is some capital gains info

http://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_States

Cya

[MakeMeRich]

Depending on cash in time frames I intend to only cash in what I need to pay off my house and cars etc.. And have a little bit to live on so we dont have towork and then I am going to hold on to the rest of my dinar until my 1year and 1 day is up

[Texas1]

So if someone, for example, paid Heidi Fleiss in dinar, does that mean now that they would exchange receipts? Totally hypothetical of course....

[deerslayer]

I have paid my kids in Dinar and couple of my employees ask for dinar as a bonus. They won't have a receipt.

Slayer sez...RV Tomorrow

[Mr.Nobody]

It has to do with long term vs short term investment. If recipt for money is over a year you get lower taxes of 15% instead of the 35% if under a year. If you can't prove when you bought your dinar then they will more than likely call it short term and charg highest tax bracket of 35%

I agree, the gov wants you to prove you have been in over a year..If you don't have proof they will hit you at the higher rate....Makes sense MakeMeRich! +1 from Me...

[emmet]

I don't believe you need a receipt to exchange them. If capital gains come into play you may need to prove the year you bought them, not sure of that.

[Caye98]

Spike, et al, if you (or a friend or family member) was/is a VIP the questions are clearly answered. I am not just saying this to promote VIP (we have plenty of members and actually don't need any more), but you will learn/save so much.

You don't know what you don't know.

[FarmersDaughter]

I have had all of mine for years but my ex-husband bought all of ours at the airport in Kuwait and I have no receipts at all. He flew in monthly and starting collecting ours in 2003 but I don't have proof. Can you say "OUCH" on the taxes? Darn it!!!!

[Pilgrim]

To be honest I think the only reason you hear this is it drives more business to dealers, I bought mine over seas in the ME do you think i have a receipt? NO, and i dont care the IRS is not going to be that harsh when and IF this actually does come about. currency NEVER has a receipt and why would they expect one. again this is just a sales tactic used to funnel more business to the dealers who by the way are getting several hundred dollars per million profit off each exchange.

[DinarMillionaire]

Who says they can charge you for investment purposes. Say I took a trip to Iraq and needed IQD to do business, came back and wanted to trade it in for USD, do I have to get penalized 35% for doing business or even just vacationing in Iraq. Just something to think about.

[Derek2011]

Just buy silver with your dinar- problem solved

[The Original Spike]

All valid points...

[Star Ship]

Depending on cash in time frames I intend to only cash in what I need to pay off my house and cars etc.. And have a little bit to live on so we dont have towork and then I am going to hold on to the rest of my dinar until my 1year and 1 day is up

Me, too.

[Islandgirl7]

Is it written some where you can't make your own receipt.... just sayin' ....it can't be that hard... Alot of mine has been gifted to me...I for one am OSI and highly recommend it to anyone and everyone...

[LaGrange]

Those of you that traveled and got your dinar can use passport stamps or receipts from overseas etc. Good luck!

[Biker]

Yes i was allso told by my bank BB T when i wanted to cash in i would need my sales recipt and ID and an account with there bank to cash in.

[zapped777]

It has to do with long term vs short term investment. If recipt for money is over a year you get lower taxes of 15% instead of the 35% if under a year. If you can't prove when you bought your dinar then they will more than likely call it short term and charg highest tax bracket of 35%

ding, ding, ding, and that would be the correct answer!!! You win!!

[RodandStaff]

Just buy silver with your dinar- problem solved

Like that idea... has anyone heard of the govt. keeping tabs on purchases of silver over a certain amount? If that is true how would we get around that other than just going out every day and buying small amounts?

[The Original Spike]

Like that idea... has anyone heard of the govt. keeping tabs on purchases of silver over a certain amount? If that is true how would we get around that other than just going out every day and buying small amounts?

My understanding is that we have to cash in first before we can buy precious metals, no exchange of IDQ for gold or silver. Ali had even stated we he would not ne able to do a direct exchange of IDQ for gold or silver. He had said it had something to do with new laws. I haven't really researched this information past receiving the information from Ali, because nothing has changed yet on the value of the IDQ. I hope this info is incorrect, but am afraid the longer we go, the more loopholes will be closed that we could have utilize in order to minimize the tax burdens the feds will be able to exact upon us...

[george jones]

lets see if this rv's in 2011 first. new tax laws will be changed when it does rv

[The Original Spike]

All I know is that Ali at first was saying he could do a direct exchange of precious metal for IDQ, then stated he couldn't. I haven't figured out how we could maybe do this exchange outside of the US. I should also find out about the $10,000.00 traveling cap. Does this law only pertain to US currency? I would think so...

But I don't know yet...