Proving Receipt Dates?

[wbaker6]

How do you go about proving time frames on your purchases? I buy mine direct from an Iraqi and they do not supply dated reciepts. I understand the the over a year part, but the tax man may not.

[paganiniraq]

How do you go about proving time frames on your purchases? I buy mine direct from an Iraqi and they do not supply dated reciepts. I understand the the over a year part, but the tax man may not.

Your passport and travel documents will prove when you were in Iraq.
Or you can ask someone to write you out a handwritten receipt or do one on your computer, it doesn't have to be in Arabic.

[Lonestar]

Many that exchange will get you reciepts if you ask for them. I have not had any problems.

[WARDEN]

I am in Kuwait and when I pick up the Dinar I ask for a receipt. I have had no problem. The receipt is in Aribic but the receipt is dated in English.
WARDEN

[Dan_mk]

so am i right in thinking that by what you are saying... if we have held our dinars for over a year before we cash in, we pay less CGT on what we make?

[wbaker6]

Thanks all, have my accountant working this issue. I plan on paying the tax to avoid the looking over my shoulder syndrom. Shes not really familiar with this type of capital gains, but feels it can be taken care of with-out to much problems. Less tax is a good thing.

[Lonestar]

To the best of my knowledge which is limitted and other posts I have read here in the forum If held for one year and one day it is considered a long term capital gain. There are many threads on this subject just search the forum and you will find more information than what you actually anticipated.