Thread: New Info....for anything here. Taxes, Chit-Chat, Whatever.

Don’t count on it after the RV when a 25K IQD note goes from $19.84 USD to $131577.50 USD.

Not in this lifetime Jack.

Originally Posted by danny51

This information is incorrect. Changing denominations within the IQD does NOT constitute a currency exchange and therefore is NOT a taxable event. The ONLY event that will result in IRS taxation is when the Dinars are exchanged into USD and a capital gain larger than $200 is realized.

So if I (as a Canadain) change it to USD I could then use the USD. Same for Americans... change it to CDN and you can spend the Canadian money. No change to your own currency. Is this a loophole?


What if I bought a Rolls Royce with IQD, had it shipped in and sold it here?
Are the profits taxable?

Originally Posted by Ialdoboath

So if I (as a Canadain) change it to USD I could then use the USD. Same for Americans... change it to CDN and you can spend the Canadian money. No change to your own currency. Is this a loophole?


What if I bought a Rolls Royce with IQD, had it shipped in and sold it here?
Are the profits taxable?

All ways in the US.

Originally Posted by danny51

This information is incorrect. Changing denominations within the IQD does NOT constitute a currency exchange and therefore is NOT a taxable event. The ONLY event that will result in IRS taxation is when the Dinars are exchanged into USD and a capital gain larger than $200 is realized.

And if you report it, which you should to be on the safe side. If you dont and you exchange over a $10,000.00 transaction, they will know anyways. Called a 8300 forum that all American Companies and Instutions or held accountable to report, weather you know it or not.

LOL....after reading all of this you would swear that an RV has happened......i for one will not worry about that until it happens.....they can't even agree on the HCL and with all the USA people going over there and talking with the PM{MALIKI} I really don't see anything happening too soon.....their supposedly LOI will be up by June 19th....if they don't delay....again....but with what i have seen with this government for the past year [delays upon delays] nothing will change....and most of the news in the think tank backs up what I have just posted...IMHO....hoping I am wrong and that a RV will happen soon...but i'm not holding my breath.....GO DINARS...Pat

Is there any legal way around paying the tax on the gain of the dinar revalue .
1) What about an offshore trust ?
2) What about opening a corporation ( nevada ) and putting through that?

thanks



Quote:
Originally Posted by danny51
This information is incorrect. Changing denominations within the IQD does NOT constitute a currency exchange and therefore is NOT a taxable event. The ONLY event that will result in IRS taxation is when the Dinars are exchanged into USD and a capital gain larger than $200 is realized.

Quote:Neno
And if you report it, which you should to be on the safe side. If you dont and you exchange over a $10,000.00 transaction, they will know anyways. Called a 8300 forum that all American Companies and Instutions or held accountable to report, weather you know it or not.

Originally Posted by EJAMM

Not to nitpick but I believe its $10,000 and its not illegal it just has to be declared.

http://www.cbp.gov/linkhandler/cgov/..._reporting.doc

This is why safedinar and dinartrade require more documentation for orders over $10,000.00 It can be done, but just more requirments needs to Transact.

Originally Posted by DM0619

Is there any legal way around paying the tax on the gain of the dinar revalue .
1) What about an offshore trust ?
2) What about opening a corporation ( nevada ) and putting through that?

thanks



Quote:
Originally Posted by danny51
This information is incorrect. Changing denominations within the IQD does NOT constitute a currency exchange and therefore is NOT a taxable event. The ONLY event that will result in IRS taxation is when the Dinars are exchanged into USD and a capital gain larger than $200 is realized.

Quote:Neno
And if you report it, which you should to be on the safe side. If you dont and you exchange over a $10,000.00 transaction, they will know anyways. Called a 8300 forum that all American Companies and Instutions or held accountable to report, weather you know it or not.

To make it short, just follow the Laws. If you dont understand them, you will have plenty of money to hire accounts, lawyers, and advisors. That is tax deductible too. Be Smart, if you can avoid, do it, but do not avaid, that is a crime in the US and you will be caught.

Originally Posted by bigopie

LOL....after reading all of this you would swear that an RV has happened......i for one will not worry about that until it happens.....they can't even agree on the HCL and with all the USA people going over there and talking with the PM{MALIKI} I really don't see anything happening too soon.....their supposedly LOI will be up by June 19th....if they don't delay....again....but with what i have seen with this government for the past year [delays upon delays] nothing will change....and most of the news in the think tank backs up what I have just posted...IMHO....hoping I am wrong and that a RV will happen soon...but i'm not holding my breath.....GO DINARS...Pat

We have hashed this from time to time. But as you know, we get new members all the time, Some just may want to know their options and not seen it before. So It is fine to ask and prepare here again and again.

Originally Posted by DesertWolf

Upon the RV, you may see two things:

• The CBI will not recycle the 25K notes as they removed them.
• A forced time limit upon being able to redeem the IQD 25K notes.

The down side to a time limit is that we could be forced to redeem IQD before their true value is obtained causing us to lose large sums of money.

DesertWolf

this argument is baseless. even the usa has legal $10,000 notes although no one trades them in anymore but possibly other countries in exchanges. the same thing will happen to the dinar as was explained earlier.