Gifting Dinar

[debbieww]

Can someone tell me whether or not you need to write up a "gifting letter" for people you are going to gift dinars to? I've heard if the letter is done before the dinar RVs then there won't be tax consequences. Does anyone have the real facts on this? Thanks...

[Atheist]

Can someone tell me whether or not you need to write up a "gifting letter" for people you are going to gift dinars to? I've heard if the letter is done before the dinar RVs then there won't be tax consequences. Does anyone have the real facts on this? Thanks...

We need a FAQs page so all the newbies can go to that to answer their questions.

[Jaxinjersey]

Debbie, in the Tax Forum there is a sample gifting letter, as well as much explanation. The "gifter" is responsible for any taxes... and of course then, any tax liability would be much less if gifted prior to an RV! Good luck! Jax

[srdedeaux]

Can someone tell me whether or not you need to write up a "gifting letter" for people you are going to gift dinars to? I've heard if the letter is done before the dinar RVs then there won't be tax consequences. Does anyone have the real facts on this? Thanks...

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[4profit]

here is the link u can use gift form

http://dinarvets.com/forums/index.php?/forum/24-tax-discussion/

[Jaxinjersey]

Yes tax liability is far less pre RV. So if you plan to give some to your church or whatever give them the dinar now then they wont be screwed with huge taxes. Assuming it increases in value in 7 light years.

Hey Musky... I believe the gift threshold is $13K. I'd just like to clarify that the reason for gifting prior to RV is also so that the "gifter" doesn't get stuck paying more in gift taxes because of the increased value when it RVs. The recipient will still be in the same boat as the rest of us when it's time to pay taxes!

[Jaxinjersey]

IF ti increases in value after the gift then is subject to normal capitol gains. Better to pre gift IMO.

Maybe I'm confused... Isn't that the point, to gift prior to the rise in value? And, I believe it hasn't been settled yet as to being taxed as Capital Gains or regular income, but I think it's leaning toward the latter. But, there would still be a gift tax, separate from other taxes, is my understanding. Going to have to go re-read about this stuff!!!

Sorry, I think I understand your statement now... you mean an increase of value "after the gift" for the recipient! I was thinking again of the gifter... All good!

Edited September 10, 2011 by Jaxinjersey

[cajunlady51]

THIS IS A GIFTING LETTER THAT WAS POSTED ON THE CALLSQUAD'S WEBSITE. HOPES THIS HELPS. IF YOU WANT TO

Declaration of Gift

I¸ (name of giver) do hereby declare under penalties of perjury that the following statements are true and correct to the very best of my knowledge.

I, (name) am producing this “Declaration of Gift” to memorialize a completed gift of (amount in number and then spelled out) Iraqi Dinar notes (IQD) to (name of recipient) and relationship, i.e. sister, brother etc.

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 (name of recipient) to exchange the gifted nonfunctional currency for other currency.

I, (name of giver) located in (address) on (date) did gift notes of currency of the Iraqi government with a total value of (number and then spelled out) to my (recipient and relationship), living in (address) without compensation or expectation of gain for myself.

The gift was accomplished by placing said notes in a Federal Express envelope and delivered by Federal Express by 2nd Day Delivery Service and

properly addressed as follows:

Name

Street

City, State, Zip

Telephone

ESTABLISHING TRAIL OF TITLE:

On the day of (month)(year) I exchanged $ of United States currency for (amt)Iraqi Dinar (IQD). The above referenced amt Dinar that was gifted to (name) was received by me in this transaction as a cost of $ of United States currency. I conducted this transaction with (where you bought the dinar) address of dealer and order #.

I have agreed under this Declaration of Gift statement to not reassert my right to the property that I now give freely as a gift to my (relationship, name).

The foregoing is true, correct and not misleading to the very best of my knowledge and belief, under the penalty of perjury.

Executed this _______day of ____________in the year of 2011

Signature:______________ (Print Name)____________________

Address: __________________

City______________________________State

[Adneen]

we should be extremly careful buying dinar.its always not so easy buying from online..

we should gather info bout trustworthy dealer like "dinerbanker.com"

I heard dinerbanker is reputed Iraqii dinar dealer.