Dinar Taxes

[mars]

My financial guy asked if I could find out this information; at what point will the money become taxable and will it be considered "ordinary income" or "capital gains"?

[nrwst]

He ought to know that.

[jkhansen]

Since this is an investment, it would be capitol gains. Keep you receipt when you purchased your dinar and if it's been "invested" for over a year, you'll most likely pay less capitol gains. If it's less than a year, you'll pay more.

[Den56]

More than a year = 15% LT Cap.Gains for 2009. Congress may up next yr.

One year or less = Short-term cap. Gains = taxed as ordinary income according to my CPA.

Save that receipt !

[avenger380]

This is real, real simple. If you held your Dinar (and can prove it) for more than a year, it is long term capital gains taxable at 15%, shorter gain of less than 1 year and you owe what ever your tax bracket is. If you are holding 1 million in Dinar and it has a significant rv, you will be in the 38 percent bracket.

[pookie]

if your financial guy is asking a question like that......find a new financial guy.

[EddieX]

You may want to find a new "financial guy" if he doesn't know about capital gains.

[Julie4004]

Why is it different to exchange Euros and not pay a tax and exchange dinar and have to pay taxes? Where does it say that a profit on exchanging foreign currency is taxable?

[jimanita]

exactly travel alot and if exchange was taxable why dont I have to do it everytime?

[sparticus]

Recently I walked into a Chase bank and asked the branch manager that in the event of a RV on the dinar, if it would be taxed as income when cashing in. He said with currency exchange it is not taxable due to there is no way to show capital gain.

[IRS]

I suggest to everyone to consult with a tax attorney that has experience in currency exchange transactions. Not all do but it's best to have someone advise you in your best interest if they have experience in currency exchange transactions.

Regards,

IRS