confused about something

[arpking]

Greetings,
I am seeing a lot about the amount of time you have had your Dinar changes your percentage of exchange? Is there a penalty for cashing out to soon? How can you prove the date you took possesion of money? Any clearity would be great.

[future millionaire?]

Your asking about capital gain taxes. W just recently changes that law. if cash out less then a year of buying your dinar the tax is 35%. more then a year of ownership the tax drop to 15%. but like i said W recently changed that law to favor his wealthy friends so hopefully someone can give you a more up-to-date answer. as for proof, e-mail, credit card receipts, fedex bill of laden, cancelled checks, shipped records;etc. there are soo many ways to prove what date you bought your dinars.

[v1rotv2]

Greetings,
I am seeing a lot about the amount of time you have had your Dinar changes your percentage of exchange? Is there a penalty for cashing out to soon? How can you prove the date you took possesion of money? Any clearity would be great.

The amount of time that you have held your dinar does not effect the exchange rate. It only effects the rate of taxation on your gains. For example if you have a profit of $500,000 and held your dinar for less than one year, you will be required to pay taxes at the 35% short term capitol gains rate. However, if you waited more than one year, long term capitol gains, the tax on your $500,000 profit would be 35%. The actual exchange rate stays the same, whatever it is at the time of the exchange.

[TiredOfWork]

v1rotv2 is correct, as far as we know so far. There is still some debate over how it will be handled. And as far as GW taking care of his wealthy friends, well, it would be kind of stupid to apply a tax break like this to those who don't have any money. Tax breaks in the upper income brackets promote spending, which generates economic activity, which makes money for the gov't (more tax revenues). :rolleye03

[Zildjian67]

I am concerned also. I collected my 5.8 mil while working in Baghdad from 2004 - 2005. I do not have a receipt. I guess I will have a problem qualifying for the 15%?

[vipor]

Not if you have travel arrangement documents or passport stamp indicating when you were there (according to everything discussed on here).

[fsndirector]

Your capital gains will also depend on what tax bracket you are in. If you are at say a 15% tax bracket, you might only have to pay 10%, check with your accounant, CPA, or tax attorney, or your new financial planner for what your situation is. And remember you can't just go cash in a Mil and expect to put it in one bank account, you need to plan this out before it happens

[quitedude]

Does anyone know if the $10K rule will be affected once this Dinar is revalued? Seems like to me that this website is watched by many and possible monitored by higher ups. Maybe they would change that rule and make it $5K to slow down the rate of exchange by furture Millionaires. You know we don't need to many Millionaires running around all at once it could cause a flucuation on the economy, in some way that is.

Just a thought...... :confused:

[arpking]

I bought my dinar with a group of people on a few different occasisons, so I do not have a receipt. What if it were a gift situation, that would be hard to show proof. Any reccomendations, or do I just take the pinch with Uncle Scam?

[chasinsundown]

Hi
I wonder if you were working in Iraq... bought the Dinar there.. mailed it home.. could the date on mail be used... ummmm...

[quitedude]

Same here no receipts except for the emails back and forth. Does Amer give receipts?

[heavyjetpfe]

Does anyone know if the $10K rule will be affected once this Dinar is revalued? Seems like to me that this website is watched by many and possible monitored by higher ups. Maybe they would change that rule and make it $5K to slow down the rate of exchange by furture Millionaires. You know we don't need to many Millionaires running around all at once it could cause a flucuation on the economy, in some way that is.
Just a thought...... :confused:

I think the 10k rule you are refering to is for the banks to flag large cash deposits. It is not a limit. you can exchange as much as you want at one time. You will just be asked where it came from, part of the patriot act I think. I also think the banks can flag smaller amounts if they decide it is a suspicious deposit.

[bizop1]

Your capital gains will also depend on what tax bracket you are in. If you are at say a 15% tax bracket, you might only have to pay 10%, check with your accounant, CPA, or tax attorney, or your new financial planner for what your situation is. And remember you can't just go cash in a Mil and expect to put it in one bank account, you need to plan this out before it happens
Hi,
I was just wondering. Will a bank that exchanges the dinar for me(when It happens) issue me a cashiers check which will give me time to open several accounts to deposit the money in.
Thanks
Frank

[RET]

Same here no receipts except for the emails back and forth. Does Amer give receipts?
I would think that your emailed confirmation of your order, giving your tracking number should work. That's what I've saved.

[v1rotv2]

From what I understand, if you have supporting documentation you should be alright. About half of mine was bought thru the money exchanger in the Kuwait airport. I only have a little slip of paper with amounts but no dates. However, I have my pilot logs as well as passport stamps and eyewitnesses, my fellow crewmembers that have their logs with my name on them.

My other line of defense is to cash what I do have dated proof and then wait one year after the reval date. The IRS can't have it both ways. Either I have been holding a year or I bought after the reval and made little profit. That is a guaranteed win.

[Warren2173]

Ahh! Thats a good point, If you dont mind waiting.

But,If this RV's below .20 Im gonna wait longer anyway!

[hojoatt]

Your capital gains will also depend on what tax bracket you are in. If you are at say a 15% tax bracket, you might only have to pay 10%, check with your accounant, CPA, or tax attorney, or your new financial planner for what your situation is. And remember you can't just go cash in a Mil and expect to put it in one bank account, you need to plan this out before it happens

Why not? There are all kinda of bank accounts with over a million in them. There is a limit to checking accounts for FDIC insurance coverage but that does not limit the amount you put in, only the amount insured by the Feds, is that the reason you say no million in an account?

[future millionaire?]

Hi,
I was just wondering. Will a bank that exchanges the dinar for me(when It happens) issue me a cashiers check which will give me time to open several accounts to deposit the money in.
Thanks
Frank
HSBC will if you have an account with them. only cost a dollar too open a saving account with them online.