Yepper
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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
I can see the U.S. Banking system exchanging your IQD for green backs. However, I don’t really see them exchanging your IQD for IQD and I don’t see them opening an account based solely on the IQD to allow you to do exchanges as the value changes.
Now if they did, the IRS would love to have you do this. As your IQD changed in value, you become libel for the taxes now, not when you exchange for green backs! I bet that there is a special IRS Enforcement Squad just biting and chomping at the bit while peeing their pants over this one!
DesertWolf
How about exchange 1 25,000 note to start with, get a round-trip ticket to Arbil and change the rest for lower denoms?
So We Will Be Able To Trade In The 25k Notes When They Rv, But We Will Just Have A Short Time Frame To Do It, Correct?
I own millions and half of what i own is 25k notes and others are either 50, 250, 500 and 1000. I am planning to switch my higher notes to Euro when it RV.
Sorry Guys, but U.S. Custom Regulations make it a Federal Offence to NOT declare that your are leaving the U.S. with $5,000 in value of currency. This also includes the IQD. As such you have laid the foundation for the IRS to climb into your shorts for NON-PAID Taxes over your IQD income.
Before you think of not declaring the IQD, if you are caught (and you will be) the U.S. Custom Laws allow for the confiscation of ALL your IQD and cash over $5,000 without warrant and you can NEVER get it back!
DesertWolf
Interesting,
Last time I crossed borders it was still $10,000.
A) Cross-Border Reporting
- Section 12 of the Bill requires that any person or entity importing or exporting currency or monetary instruments in excess of the prescribed amount to or from Canada report this activity to a Canada Customs officer. The prescribed amount or the reporting threshold, as well as the definition of monetary instruments, are to be determined by regulation. The United States requires persons transporting currency or monetary instruments over US$10,000 to file a report with U.S. Customs.
It is proposed that a similar reporting threshold be adopted, namely C $15,000. It is also proposed that a definition of monetary instruments be adopted that would include traveller's cheques and other bearer instruments such as money orders, personal and cashier cheques and securities.
Regulations required under section 12 also include the form and manner of reporting currency and monetary instruments, as well as the information to be contained in the report and the period within which the report must be made.
It is proposed that a process similar to the existing one for the reporting of goods as regulated by the Customs Act be implemented with regard to the form and manner of reporting currency and monetary instruments. Therefore, any person or entity importing or exporting currency or monetary instruments in excess of the threshold amount will be required to fill out a report, which will then be forwarded to the Centre. It is expected that this report will be brief, and will be modelled after reports used by the Customs services in other countries.
Subsection 12(2) of the Bill also provides for the exemption from the reporting requirements if the prescribed conditions are met. The intent of this provision is to allow for exemptions to be considered for specific entities from whom reports in certain instances might be considered unnecessary (e.g., bulk movements of cash from one financial institution to another).
No exemptions are being proposed at this time. Further consultations are planned with interested parties.
I am making certain I save this as I am going to Canada for a long fishing trip with my hubby. Offshore, keep up the great work.
:party::banana:
Will Be Be Able To Trade It In In The Us?
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
Quote:
Currency Reporting
It is legal to transport any amount of currency or other monetary instruments into or out of the United States. However, if you transport, attempt to transport, or cause to be transported (including by mail or other means) currency or other monetary instruments in an aggregate amount exceeding $10,000 (or its foreign equivalent) at one time from the United States to any foreign country, or into the United States from any foreign country, you must file a report with U.S. Customs and Border Protection.
While the amount may have changed, the failure to declare said funds allows for the confiscation of said funds and you can be criminally charged under a number of federal laws on the books. Besides I don’t think you want to go through a body cavity search at the airport!
:toofunny:
Best bet is to have the forms filled out before you enter or leave the U.S. It is a losing battle to try to regain confiscated items under U.S. Customs Laws/Regulations. If in doubt, seek the advice of an Attorney that specializes in the Laws in this area before you need them. Better being penny wise than pound foolish in my book.
DesertWolf
well the whole border crossing thing shouldn't apply to most, when our first lot was bought it was already over the border in kuwait, and the usd value was only 1200 dollars. I'm not worried:cheers:
if you fill out that paper for a high enough amount you'll get your own
meet-n-greet with most of the alphabet soup.and the may or may not see it your way. depending on where you live you might not get to the border before your money might be confiscated. FYI people have had large ammounts of money confiscated in this country by law enforcement claiming
that the large amount of cash had to be drug related\trafficing,with no ***** found.last i checked,some people in florida never got thier money back.:sads:
Don’t count on it after the RV when a 25K IQD note goes from $19.84 USD to $131577.50 USD. They have the ability since the new Home Land Security Laws/Regulations to identify the “Count & Amount” of your IQD and USD.
Now if you are going to try and short cut the Laws/Regs your are going to lose your money and maybe meet Bubba during a long hot shower or as your new bunk mate! Learn the Laws/Regs and have a GREAT Attorney on your speed dial. Better to be prepared now then having to find one to take your case after you can’t afford a Public Defender…
DesertWolf
but you'll neverget past even a desent patdown! plus you are in another country that knows when you arrived and they think they know how much withif you suddenly apear to have mutch more,the apearance of criminal activity alone will be enough to have your stay extended. your true alabi could get you 3 hots and a cot :nono:and a lie you can't begin to prove will likely do the same.please feel free to do as you wish though. prisions in canida are mutch nicer than in the us. i can't say that for mexico. whatever you decide,enjoy yor trip.:rolleyes:
It’s apples to apples, not apples to oranges. If the value is over the value of declaration (and they can tell, I can’t tell you how) you have added the charge of making a false declaration and add to the additional element needed for the charge of smuggling which holds a large jail term and higher fines.
In short, DON’T RISK IT! :bringiton
DesertWolf
Why would you want to exchange you IQD's in Canada? You will be subjected to Canadian Income Tax which is much harsher than the US tax code...
YOU SAID HONEST! my overall comment was to the idea of having the cash on your body.you put a desent ammount of cash on your person and somebody trained to look for such things will notice, thus the pat down.:rolleyes:
if you think i'm wrong do as you will. just rememberthe old prison saying nobody can do your time but you. i truely doubt you'll come up with a scheme that they haven't seen before
but you might get lucky, they can't catch everything.
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. :fryingpan
:toofunny::toofunny::toofunny::toofunny::toofunny: :toofunny:Quote:
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.
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?
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.
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.