Defense Minister???

[Sowhat]

O wants an RV and Cash In in 2011 so he can collect taxes this year rather than wait until the end of 2012 - after the election. That is if he has any say in the matter...

Only problem with that logic is that nobody is forcing you to cash out this year if it happens this year. You can always wait till next year to cash out.

[SINGH]

O wants an RV and Cash In in 2011 so he can collect taxes this year rather than wait until the end of 2012 - after the election. That is if he has any say in the matter...

Let's assume it does RV Monday, is that really enough time to have all of your protection setup and cash in before 2012?

[Psych]

24 hours in middle eastern culture can be translated as a range of time....between soon and never.

[Stryker365]

Only problem with that logic is that nobody is forcing you to cash out this year if it happens this year. You can always wait till next year to cash out.

That's what I thought too but the IRS is about to come out with this form that make us disclose what we hold in foreign assets and yes it includes currency. This is a draft but it will be out soon and if it RV's this year you will be paying taxes April 2012 for taxe year 2011 even if you have not exchanged to USD. Also it will include the Warka accounts........read more

http://www.irs.gov/pub/irs-dft/i8938--dft.pdf

[jeepguy]

whooot wait a minute wait a minute ------ where is the maliki guy at is he out of the country for at least till this guy is in office hope everyone is on board here with this {iraq } if this comes off saturday,,,the very last troop pull out is sunday,,,,, could it be possible a rise in the dinar rate???

[DinarBot]

Let's assume it does RV Monday, is that really enough time to have all of your protection setup and cash in before 2012?

Protection. Why. Expecting Burglars. 2012. You will have minimum 2 years.

[Carrello]

Let's assume it does RV Monday, is that really enough time to have all of your protection setup and cash in before 2012?

If you do that, you will owe taxes in April 2012. If you wait until January 1, you will owe taxes in April 2013. That is 15 months that they cash in can be making you money.

Ooops. Looks like Stryker has an update on a new form and tax payments.

Heck you sound like MR. O blaming GW Bush, Breaking news I Mr. O shot an threw off in the into the ocean Bin Laden. All i got to say is ONE and DONE. Can't blame nobody on that.

What? Never mind. Skip it. You're right.

Edited December 16, 2011 by Carrello

[sourpuss]

Expect a fully seated GOI and HCL passed this weekend guys.......then next step full member of WTO then CH VII will be lifted!!!

I tend to think if it is going to RV before the end of 2011, it would do so before December 21st. The ISX is closed Dec 21 thru Jan 2. Any takers on this?

[Stryker365]

If you do that, you will owe taxes in April 2012. If you wait until January 1, you will owe taxes in April 2013. That is 15 months that they cash in can be making you money.

Ooops. Looks like Stryker has an update on a new form and tax payments.

Carrello, if it RV's before the end of the year 2011 and the new IRS form comes out before then we will all be paying taxes April 2012 even if we do not exchange to USD. It says that if your foreign currency assets after using a exchange rate determinator to USD is larger then $100,000.00 before Dec, 31, 2011 you will pay taxes in 2012 for all of it even if you hold them in that foreign currency.

Read more.......http://www.irs.gov/pub/irs-dft/i8938--dft.pdf

This is the way it reads to me anyway.

[Canuklady]

It went from 48 to 24 hours real quickly.....SURPRISINGLY. If its true, you gotta think Saturday rather than Sunday.

You're right! Like the new avatar!

It's about TIME! One would think with us gone they would have had someone in place already!

Better late than never...

Tell me about it Maggie! Get it done guys!

Expect a fully seated GOI and HCL passed this weekend guys.......then next step full member of WTO then CH VII will be lifted!!!

I'm shaking! Is this really happening? I think it is! So exciting!

Thanks for the original post!

[Stryker365]

Buy the way this IRS form and link I have posted above is a good sign that things are looking real good that this RV could still happen this year, IMO

I for one would be glad to write the check to the IRS....

[Carrello]

Expect a fully seated GOI and HCL passed this weekend guys.......then next step full member of WTO then CH VII will be lifted!!!

I am going to hold you to it, Iqd. I love the confidence.

Carrello, if it RV's before the end of the year 2011 and the new IRS form comes out before then we will all be paying taxes April 2012 even if we do not exchange to USD. It says that if your foreign currency assets after using a exchange rate determinator to USD is larger then $100,000.00 before Dec, 31, 2011 you will pay taxes in 2012 for all of it even if you hold them in that foreign currency.

Read more.......http://www.irs.gov/pub/irs-dft/i8938--dft.pdf

This is the way it reads to me anyway.

Whoa Tonto! That wouldsuggest to me that the rate is coming in high, and would not rise that much over a few years. They want to capture this early, obviously.

Thanks Stryker, I need to read the doc. Boy, does my post stand corrected!

[emmet]

They out and out steal your green and you will happily send them a check. Not me I will never be happy when someone is stealing my green, but I know I will have to donate to the cause.

"If we run such [government] debts, as that we must be taxed in our meat and in our drink, in our necessaries

and our comforts, in our labors and our amusements, for our callings and our creeds, as the people of England

are, our people, like them, must come to labor sixteen hours in twenty-four, give earnings of fifteen of these

to the government for their debts and daily expenses, and the sixteenth being insufficient to afford us bread,

we must live, as they now do, on oatmeal and potatoes, have no time to think, no means of calling the mismanagers

to account; but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-suffers."

~ Thomas Jefferson

[Jaxinjersey]

That's what I thought too but the IRS is about to come out with this form that make us disclose what we hold in foreign assets and yes it includes currency. This is a draft but it will be out soon and if it RV's this year you will be paying taxes April 2012 for taxe year 2011 even if you have not exchanged to USD. Also it will include the Warka accounts........read more

http://www.irs.gov/pub/irs-dft/i8938--dft.pdf

Hi Stryker.... this is what our local DV expert, Mark, in the Tax Forum says... should not affect most of us in the US... but will affect Warka account holders...

For those of you who do not yet know me, my name is Mark. I'm an estate planning attorney. On my listserve we have been discussing form 8939 and the reporting requirements for quite a while now. I even have access to a webinar on the topic. However, I never thought to mention it to my fellow dinarians. Why, you ask? Because it does not apply to most of us.

The purpose of the form and the law behind it is to better capture those assets people are HOLDING IN FOREIGN COUNTRIES. Most of us are holding our assets in the U.S. and even purchased them from a U.S. dealer.

Unless you have a Warka account or other substantial holdings outside of the U.S., you should not worry about that form. It does not affect your Dinar holdings in the U.S. You are not holding foreign assets. You are holding U.S. domesticated assets that you just happened to originate from a foreign country.

Best of Blessings,

Mark

Read more:

Also, I saw a recent post saying that if the "value" of our dinars changes in 2011... it is considered a "gain" in 2011... hence taxes due for 2011... I will try to find that...

[Carrello]

Carrello, if it RV's before the end of the year 2011 and the new IRS form comes out before then we will all be paying taxes April 2012 even if we do not exchange to USD. It says that if your foreign currency assets after using a exchange rate determinator to USD is larger then $100,000.00 before Dec, 31, 2011 you will pay taxes in 2012 for all of it even if you hold them in that foreign currency.

Read more.......http://www.irs.gov/pub/irs-dft/i8938--dft.pdf

This is the way it reads to me anyway.

Stryker, I read the document, You are right, right, right, and yeah, your are right. I never thought I would be happy to file a form with the IRS. I always had other destinations in mind for them.

Thank you.

[Jaxinjersey]

Stryker, I read the document, You are right, right, right, and yeah, your are right. I never thought I would be happy to file a form with the IRS. I always had other destinations in mind for them.

Thank you.

MsC.... you must have missed my post above!!! Read #40... still good... actually better! Jax

[Carrello]

"For those of you who do not yet know me, my name is Mark. I'm an estate planning attorney. On my listserve we have been discussing form 8939 and the reporting requirements for quite a while now. I even have access to a webinar on the topic. However, I never thought to mention it to my fellow dinarians. Why, you ask? Because it does not apply to most of us...."

For those of you that do not know Mark, he, and a cadre of other attorneys, wrote to the IRS requesting clarification on the issue of regular income vs. capital gains. I have not seen that that has been settled. The letter can be found in the Tax forum. Mark is a dinar holder and has been a great source for information.

Edited December 17, 2011 by Carrello

[Jaxinjersey]

"For those of you who do not yet know me, my name is Mark. I'm an estate planning attorney. On my listserve we have been discussing form 8939 and the reporting requirements for quite a while now. I even have access to a webinar on the topic. However, I never thought to mention it to my fellow dinarians. Why, you ask? Because it does not apply to most of us...."

For those of you that do not know Mark, he, and a cadre of other attorneys, wrote to the IRS requesting clarification on the issue of regular income vs. capital gains. I have not seen that that has been settled. The letter can be found in the Tax forum. Mark is a dinar holder and has been a great source for information.

Also this... from a post yesterday. I think this is also what Stryker was referring to. I'm not sure how accurate it is.... might have to find out from Mark:

CNN FINANCIAL NEWS TODAY - RE: when TAXES due on Revalued IQD

This morning I saw on CNN NEWS on a segment on FINANCIAL NEWS.....some information

you all might like to know.

They had 2 guest Financial Advisors on the program answering questions from the General Public. People were to email in their questions.

One person asked: If the Iraqi Dinar was to Revalue yet this year of 2011, if he could avoid paying taxes this year, by waiting to cash in...in 2012?

ANSWER GIVEN: If it Revalues in 2011 , then he has to pay the taxes on it for this year because it is income produced in this fiscal year. It doesn't matter when they cash in their Dinar....as soon as it earns value in this Fiscal Year....it is income for 2011.

Read more:

[yota691]

Hi Stryker.... this is what our local DV expert, Mark, in the Tax Forum says... should not affect most of us in the US... but will affect Warka account holders...

For those of you who do not yet know me, my name is Mark. I'm an estate planning attorney. On my listserve we have been discussing form 8939 and the reporting requirements for quite a while now. I even have access to a webinar on the topic. However, I never thought to mention it to my fellow dinarians. Why, you ask? Because it does not apply to most of us.

The purpose of the form and the law behind it is to better capture those assets people are HOLDING IN FOREIGN COUNTRIES. Most of us are holding our assets in the U.S. and even purchased them from a U.S. dealer.

Unless you have a Warka account or other substantial holdings outside of the U.S., you should not worry about that form. It does not affect your Dinar holdings in the U.S. You are not holding foreign assets. You are holding U.S. domesticated assets that you just happened to originate from a foreign country.

Best of Blessings,

Mark

Read more:

Also, I saw a recent post saying that if the "value" of our dinars changes in 2011... it is considered a "gain" in 2011... hence taxes due for 2011... I will try to find that...

thank you sir

[jcav]

Expect a fully seated GOI and HCL passed this weekend guys.......then next step full member of WTO then CH VII will be lifted!!!

Very wishful thinking my friend. If history has taught us anything about Iraq, and that is they are a bunch of freakin liars. They say nonsense like this to get the US, UN, IMF, WB and the rest of the world off their backs for a while, and then they revert back to their stupidity. Then, when they run out of excuses, they claim that the constitution needs to be amended. Total laughing stock of the middleast.

Edited December 17, 2011 by jcav

[zigmeister]

Also this... from a post yesterday. I think this is also what Stryker was referring to. I'm not sure how accurate it is.... might have to find out from Mark:

CNN FINANCIAL NEWS TODAY - RE: when TAXES due on Revalued IQD

This morning I saw on CNN NEWS on a segment on FINANCIAL NEWS.....some information

you all might like to know.

They had 2 guest Financial Advisors on the program answering questions from the General Public. People were to email in their questions.

One person asked: If the Iraqi Dinar was to Revalue yet this year of 2011, if he could avoid paying taxes this year, by waiting to cash in...in 2012?

ANSWER GIVEN: If it Revalues in 2011 , then he has to pay the taxes on it for this year because it is income produced in this fiscal year. It doesn't matter when they cash in their Dinar....as soon as it earns value in this Fiscal Year....it is income for 2011.

Read more:

This is crucial. So waiting is not going to make the difference? If you cash out out in 2012, it goes to 2011? Are then taxed for 2012?

[wpsmit]

Dam, this is one time I really wished I knew what was

going on behind closed doors. What could O have said to

put such a fire under M s butt and everyone else?

I posted on another thread, but I think it bears reposting in answer to your question

Iraq can not do squat without being released from chap 7. US, France, UK, Russia, and China - what do they have in common? They are all bigtime players in the rebuilding of Iraq. Oh, and they also are the 5 permanent members of the UN Security Council, any one of whom can prevent the chap 7 release with one simple veto on the vote. Do you think each country has cut some big deals with Iraq? Do you think each country holds a significant amount of dinars?

M came over here to beg for release from chap 7. He got his a$$ chewed by Obama, Moon, and probably a bunch of other folks. IMHO they told him to get his act together, get what is left to be done finished, and RV very, very soon, or else they would never see the light of day from the sanctions of Chap7.

No links, bash if you will, but this is IMHO and I think they will comply very soon. It won't take long for them to collapse without chap 7 release.

[Jaxinjersey]

This is crucial. So waiting is not going to make the difference? If you cash out out in 2012, it goes to 2011? Are then taxed for 2012?

Zig... this is what it seems... but, we will have to find out for sure. We would only be taxed once, as 2011 income... paying in 2012. I don't necessarily believe that... as most would think you'd pay in the year you "cashed-in/converted"... so, again, we will see... Jax

[Stryker365]

Zig... this is what it seems... but, we will have to find out for sure. We would only be taxed once, as 2011 income... paying in 2012. I don't necessarily believe that... as most would think you'd pay in the year you "cashed-in/converted"... so, again, we will see... Jax

First of all it is not called cash in.....it is called exchange.......and you are wrong, I'm not going to explain it again..go find my post, go to the link and research yourself....

[armondtoth]

It is 12:11 am SATURDAY right now. The article came out 11:56pm. The person posted the article 4 minutes before IRAQI MIDNIGHT. The newswriter probably wrote the article few hours beforehand and didn't change the time. (Anyone is qualified to write an article there. )

You have to also remember that Iraq doesn't run on bankers hours, they tend to do things in the middle of the night.