Bought Dinars on Ebay in 2005

[hotweelshippy]

So my mother and I bought our dinar on line thru Ebay.I didnt get anypaperwork and I dont think paypal records go back that far.She recently passed and left hers to me .I do have the name and address of the seller who was in Jordan that she bought hers from.Just wondering what type of information will be required at cash out time as I only have the sellers name and address and the envelope with the customs stamp on it.Will these things be enough???Any info would be great

[Poseidon]

[cisole]

[a1911handler]

FINCEN form #104. Department of the Treasury, Financial Crimes Enforcement Network

[cisole]

FINCEN form #104. Department of the Treasury, Financial Crimes Enforcement Network

http://www.fincen.gov/forms/files/fin104_ctr.pdf

[len]

So my mother and I bought our dinar on line thru Ebay.I didnt get anypaperwork and I dont think paypal records go back that far.She recently passed and left hers to me .I do have the name and address of the seller who was in Jordan that she bought hers from.Just wondering what type of information will be required at cash out time as I only have the sellers name and address and the envelope with the customs stamp on it.Will these things be enough???Any info would be great

Don't think you will need anything to cash in currency. You may need proof of when you purchased for tax purposes....that is TBD.

As far as I know cash is cash and once it is internationally recognized currency banks should take it if it's not counterfeit.

[palung]

To my understanding the only time you'll need proof of purchase is when you are paying taxes. Since you don't have a receipt with date, you are going to be paying short term capital gain even though you bought it back in 2005.

[a1911handler]

cisole, thanks for posting a link!

Good on you for looking out for the newbies.

Edited June 21, 2011 by a1911handler

[cashman54]

what does this form do?

[Legolas]

what does this form do?

It simply notifies the IRS that you received the money.

[gr8cooker142]

call pal pal and see if they have the records in archive. other then that you can always take your Dinars to a notary and that could be the start date of your purchase and if it RV's next year you will be fine regarding the taxes.

[cisole]

cisole, thanks for posting a link!

Good on you for looking out for the newbies.

anytime!