Quick question

[tarheelav8r]

I'm new, and I have read everything I can read prior to registrering here, but I have not been able to find an answer to this question. I invested in Dinar with several guys at work with each of us putting different amounts into a pot. That pot returned us a set amount of Dinar. My question is this: If I cash in the dinar, am I liable for the tax on the whole amount or just my cut? I know we'll have to submit a FinCEN 104, and that will have the names and info of everyone in the group. Your help in answering this question will be greatly appreciated.

[Danan]

I am certainly no accountat, but if you cash it in, it is in you name and you pay taxes unless you are a LLC or corp of some type. I personally would split it and let each pay their own taxes. JMHO

[Jaxinjersey]

I'm not sure why you would pool your money... but I agree with Danan... you'll probably be better off dividing it and being responsible for your own share. It's just money... that's going to be exchanged. You might want to pose your question in the Tax Forum here for a better response.... Welcome and good luck!

[HopefulTxn]

I'm new, and I have read everything I can read prior to registrering here, but I have not been able to find an answer to this question. I invested in Dinar with several guys at work with each of us putting different amounts into a pot. That pot returned us a set amount of Dinar. My question is this: If I cash in the dinar, am I liable for the tax on the whole amount or just my cut? I know we'll have to submit a FinCEN 104, and that will have the names and info of everyone in the group. Your help in answering this question will be greatly appreciated.

The FinCen 104 form does have a part for multiple people to perform a transaction and there be a paper trail for it, it would probably be easier and give more peace of mind for everyone to just do it themselves and be responsible for only their portion. JMO.

[usndiver]

If you havn't already, divide the IQD now between the group before the RV. Then everyone is responsible for their own cash in, and tax liability.