Thread: Cashing in, please read.

I am sure that I will regret starting this thread but felt like this really needs to be said out in the open at least one time. I do not plan to get into any debate about it because I am not a tax professional.

The basic point that I want to make is that anybody exchanging dinar in the US should at the very least check with one good tax professional, maybe a second or third opinion would be worthwhile.

The whole issue of staying under a $10,000 transaction is related to the required filing of various forms. IT HAS NO RELATION TO THE TAXES you might owe. The total gain that you realize is taxable income of one kind or another, no matter how many pieces you cut it into or how small each piece might be. Any attempt to keep the government unaware of these gains by staying under the 10 K limit is truly tax fraud and very very serious if you get caught. Please be advised that there is a different form that can optionally be filed to report "suspicious transactions under $10,000".

I personally plan to report every penny of gain that I realize on the dinar (if it will just reval please!!). I hope to verify that I can report some of it as long term capital gain and so only owe 15% on that portion, but I am not yet certain of that.

OK, thanks for taking the time to read. And since it is a public forum, of course you can post other opinions. I will leave it at this and hope all goes well for us all.

You are completely right on this one. No way around it either.

Tax evasion is illegal and people have gone to prison for it. Tax avoidance on the other hand is perfectly legal and the rich get richer doing the avoi- dance.

The difference corresponds to the difference between avoid and evade. In particular, tax avoidance means a legal method, whereas tax evasion means an illegal method, of reducing a liability to pay taxes.

So, pay what you legally owe and never worry about Uncle Sam.

Originally Posted by rodney ewalt

Tax evasion is illegal and people have gone to prison for it. Tax avoidance on the other hand is perfectly legal and the rich get richer doing the avoi- dance.

The difference corresponds to the difference between avoid and evade. In particular, tax avoidance means a legal method, whereas tax evasion means an illegal method, of reducing a liability to pay taxes.

So, pay what you legally owe and never worry about Uncle Sam.

Thanks Rodney This is what I have been trying to say. The words just didn't come out like yours.

Thanks clueless for getting this brought out. And People in the US better know what you are doing. Hey this is how it works here in the US.

Hi All,

Can you advise which site is best & safest for purchasing dinars with Credit Card & shipping to Aussie please??
Thanks
Kaz

Hi Kaz, Check your pm.

I'm looking for a vendor who will ship to Canada and accept credit card payment. Credit card payment is a great safety feature against conterfeiting. After you receive your order you can have a professional examine the notes and if they are counterfeit your credit card company will backcharge the vendor's account. I am asking for any help anyone can give me. Thanks.
nventr

nventr,

I have purchased all of my dinar at my bank here in Canada (Scotiabank). They have been selling dinars since January of last year if i'm not mistaken. I am hoping to get in one last order before anything major happens with our dinar!

Cheers all,

Rob

When the time is right soon this info is worth bearing in mind.

1. Hear of r/v through forum.
2. Check rate officially on CBI's site, http://www.cbiraq.org/
3. Pick yourself up off floor.
4. Call in sick with the intention of 'never' going back..........
5. Phone around banks to find out who is exchanging, what they charge to exchange, and whether they will check your dinars there and then, (most main branches can verify there and then).
6. Take to bank, preferably with large husband, boyfriend, brother etc for security.
7. Ask for a large Cuban cigar whilst you put your feet on the branch manager's desk as you discuss what THEY will do for you. When he/she offers you coffee/tea ask for a large whiskey.
8. Pick manager up off floor when you get out your 'wad' of notes.
9. At a r/v around 1:1, exchange in what you feel comfortable with. Yes this will go back to their old rate of $3.22 in time. Personally, I'd cash in half.....
10. Leave bank, with cheque or confirmation of wire to your own bank account.
11. Head to nearest bar to get 'wasted'.
12. Hold a big party, start looking round for a nicer car/house.
13. Arrange r/v party with your fellow dinar holders from Rolclub.
14. Pay taxes at some point!

Otherwise skip point 5 to 10 and head to an airport and cash in some there and return whenever you need too, then continue to point 11 as above.......

Hope this is clear!!

Adster.

I Am Ready For All Of The Above!!!!!!!!!!!