Tax advantage - never convert Dinar to $ post RV

[MC Dig]

Hello Everyone, I had this thought the other day and thought I would share it to see what people thought. Say I had $10 million Dinar, and it rv's 1 to 1. So instead of cashing in, I find a way to get my dinars to AL Warka or some other bank that is willing to keep the account in Dinar. From there I can buy CD's or other investments in Dinar. Say then every year I earn 10% interest (1 million dollars) which I can then wire back to an account in the US and use to live on. The interest would I suppose be taxed as income, but the principle and original gain ($10,000 to $10 million) would never be taxed. Technically that profit from the RV would never be realized because it would not be converted to dollars. The trick would be getting that $10 million dinar over to Iraq, perhaps Al Warka will open a branc in NYC, as I think the Kuwait national bank has a branch there. What do people think about this.

[one black cayman]

if you want your cash dinar in an Iraqi bank...you ought to get it there while the value is so low. Post RV you will have a hard time getting it out without breaking some laws.

The last thing you want to do is get caught trying to leave the country with all that dough unreported.

This forum is full of stories about people who have FedEx'd cah to Warka without one in which the principle was lost. Do it in 500K pkgs and let us know how it went.

[EBJNYC]

Hello Everyone, I had this thought the other day and thought I would share it to see what people thought. Say I had $10 million Dinar, and it rv's 1 to 1. So instead of cashing in, I find a way to get my dinars to AL Warka or some other bank that is willing to keep the account in Dinar. From there I can buy CD's or other investments in Dinar. Say then every year I earn 10% interest (1 million dollars) which I can then wire back to an account in the US and use to live on. The interest would I suppose be taxed as income, but the principle and original gain ($10,000 to $10 million) would never be taxed. Technically that profit from the RV would never be realized because it would not be converted to dollars. The trick would be getting that $10 million dinar over to Iraq, perhaps Al Warka will open a branc in NYC, as I think the Kuwait national bank has a branch there. What do people think about this.

Tax MINIMIZATION is one thing. Tax EVASION is another. The banking and tax cartel work hand-and-hand GLOBALLY these days. They are NOT pulling punches ANYMORE. Be SURE of your strategy.

[RotaryRevn]

all great ideas

[dinsun]

Now lets say if all of your dinars are in small notes 50-250-500-1k. I would thinking of not paying my taxes is by selling them on e-bay after the r/v.

[MC Dig]

Tax MINIMIZATION is one thing. Tax EVASION is another. The banking and tax cartel work hand-and-hand GLOBALLY these days. They are NOT pulling punches ANYMORE. Be SURE of your strategy.

I plan on paying all my taxes, my point is that if one converts dinars to dollars after an rv of 1 -1, then there will be a gain of $999,000 for every $1,000 invested. That gain would be taxable, best case senario would be a long term capital gains of 15%. However if you never make the change from dinar to dollar then that gain is never realized, so no taxes would be due. Just rake in the interest and pay your taxes on that.

Thoughts anyone

[orfannkyl]

let's hope it gets high enough where this is an issue

[RotaryRevn]

I plan on paying all my taxes, my point is that if one converts dinars to dollars after an rv of 1 -1, then there will be a gain of $999,000 for every $1,000 invested. That gain would be taxable, best case senario would be a long term capital gains of 15%. However if you never make the change from dinar to dollar then that gain is never realized, so no taxes would be due. Just rake in the interest and pay your taxes on that.

Thoughts anyone

Obama has already publicly stated that his plan calls for 20% rate on Long Term gains and he is going to raise the top income tax rate to 39%

[EBJNYC]

I plan on paying all my taxes, my point is that if one converts dinars to dollars after an rv of 1 -1, then there will be a gain of $999,000 for every $1,000 invested. That gain would be taxable, best case senario would be a long term capital gains of 15%. However if you never make the change from dinar to dollar then that gain is never realized, so no taxes would be due. Just rake in the interest and pay your taxes on that.

Thoughts anyone

Interesting strategy. Paying taxes on WARKA INTEREST ONLY; rather than paying taxes on REALIZED usd conversion. I get it.

[Thaiville]

MC DIG,

You can always tranfer your funds to another currency in another account. Either way if you leave it in a IRaqi bank you run the risk of loosing that money if the bank or Iraqi economy tanks.

You see others on this thread caution you to Fed ex 500k at a time and not all at once to insure if a package is lost the package didn't have all your millions.

Post RV: Diversify and pay your taxes to Uncle Obama or else you might see Bar and I don't mean gold bars.

Thaiville,

*Disclaimer- Avoiding Taxes carries high risks that are higher risks than the odds of a RV at a 3.20 exchange rate.

[Hue Mi]

MC DIG,

You can always tranfer your funds to another currency in another account. Either way if you leave it in a IRaqi bank you run the risk of loosing that money if the bank or Iraqi economy tanks.

You see others on this thread caution you to Fed ex 500k at a time and not all at once to insure if a package is lost the package didn't have all your millions.

Post RV: Diversify and pay your taxes to Uncle Obama or else you might see Bar and I don't mean gold bars.

Thaiville,

*Disclaimer- Avoiding Taxes carries high risks that are higher risks than the odds of a RV at a 3.20 exchange rate.

Are you saying that
"You can always tranfer your funds to another currency in another account."

is a non-taxable event?

[jefrog]

Interesting strategy. Paying taxes on WARKA INTEREST ONLY; rather than paying taxes on REALIZED usd conversion. I get it.

i really have to spend time with a really good tax attorney.

If I hold my money in an IQD account and I decide to wire some money to one of my USD accounts, why do I have to pay any kind of capital gain tax? I am simply moving money from one count to another of a different currency.

[Thaiville]

Are you saying that
"You can always tranfer your funds to another currency in another account."

is a non-taxable event?

HUE MI,

SLOW DOWN COWBOY. LOL!!

Nope never said a non-taxable event cause Idont know of anyway of avoiding taxes legally, equally I do not think its a good idea to avoid paying taxes.

I'am saying you can transfer your dinar accounts to other accounts in other currencys meaning Iraqi Dinar (when it is a recognized as world traded Dinar currency, where currently its not a world recognized open market traded currency) will be able to get conversion to other currencys other than US Currency.

So if you don't want to stay in a Iraqi bank account and you don't want to stay in a U.S. bank account post RV you can always move it to another country in another currency since IF there is a post RV I'm sure it means it will be a openly traded currency across the world and converting it to another currency would be legal.

Somebody here said you need to have a CPA who is very knowledgable with these type of investments since it can get complex.

In summary I never wanted to make anyone think what I posted was intent to avoid paying taxes by transferring your funds POST RV and I apologize if that was the resulting misunderstanding.

Thaville


Again I will disclaim: I do not think avoiding paying taxes is a easy or even a good idea. Its easier to pay off the good ole USA in your taxes and then do whatever you want after that legally in order to stay away from the monkey house.

[lglwzrd]

once again i need to comment on all of the jail house lawyer strategies......hahahahahaha!!!!!!!!!

[Thaiville]

once again i need to comment on all of the jail house lawyer strategies......hahahahahaha!!!!!!!!!

Its the Monkey House!

[Stuck@Cedar]

Hello Everyone, I had this thought the other day and thought I would share it to see what people thought. Say I had $10 million Dinar, and it rv's 1 to 1. So instead of cashing in, I find a way to get my dinars to AL Warka or some other bank that is willing to keep the account in Dinar. From there I can buy CD's or other investments in Dinar. Say then every year I earn 10% interest (1 million dollars) which I can then wire back to an account in the US and use to live on. The interest would I suppose be taxed as income, but the principle and original gain ($10,000 to $10 million) would never be taxed. Technically that profit from the RV would never be realized because it would not be converted to dollars. The trick would be getting that $10 million dinar over to Iraq, perhaps Al Warka will open a branc in NYC, as I think the Kuwait national bank has a branch there. What do people think about this.

Exactly what I have been saying for months. Unless you cash it in for USD (and possibly other forms of currency) you don't owe any taxes on the initial money since you haven't realized any gain.

Obama has already publicly stated that his plan calls for 20% rate on Long Term gains and he is going to raise the top income tax rate to 39%

You say that as though you expect it to come to pass. Remember, Obama is the man of CHANGE and his position will probably CHANGE one way or another before a bill makes its way through congress to CHANGE the tax rates.

...*Disclaimer- Avoiding Taxes carries high risks that are higher risks than the odds of a RV at a 3.20 exchange rate.

Thaiville, I think you need to verify your terminology. Avoiding taxes is the American way... unless you listen to Biden, who says paying taxes is your patriotic duty. You're thinking of evading taxes which is illegal... unless, it seems, you happen to be a Democrat politician.

[Stuck@Cedar]

i really have to spend time with a really good tax attorney.

If I hold my money in an IQD account and I decide to wire some money to one of my USD accounts, why do I have to pay any kind of capital gain tax? I am simply moving money from one count to another of a different currency.

If you purchased your Dinar (or any other currency) at a low rate and then exchange it back to USD when it gets to a higher rate, you owe taxes on the gains if you have more than $200.00 in gains. If you don't convert it from Dinar back to USD you haven't realized a gain.

[ARE WE THERE YET ?]

Hello Everyone, I had this thought the other day and thought I would share it to see what people thought. Say I had $10 million Dinar, and it rv's 1 to 1. So instead of cashing in, I find a way to get my dinars to AL Warka or some other bank that is willing to keep the account in Dinar. From there I can buy CD's or other investments in Dinar. Say then every year I earn 10% interest (1 million dollars) which I can then wire back to an account in the US and use to live on. The interest would I suppose be taxed as income, but the principle and original gain ($10,000 to $10 million) would never be taxed. Technically that profit from the RV would never be realized because it would not be converted to dollars. The trick would be getting that $10 million dinar over to Iraq, perhaps Al Warka will open a branc in NYC, as I think the Kuwait national bank has a branch there. What do people think about this.

Lots of banks have different foreign currency accounts. I'm sure that the likes of Citibank would eventually have a dinar account. My brother currently moves money between his EURO, GBP and US accounts and makes a few quid when the exchange rates are right.....

AWTY?

[Thaiville]

Thaiville, I think you need to verify your terminology. Avoiding taxes is the American way... unless you listen to Biden, who says paying taxes is your patriotic duty. You're thinking of evading taxes which is illegal... unless, it seems, you happen to be a Democrat politician.

Cedar,

Thanx for the critique teach. Democrat I'am not.

Evading, invading or avoiding to me is all the same just as long as when i'm in court I can say its my policy to always pay my taxes rightfully.

In truth I hate posting on IIF cause of the back lash and thrashing that goes on here. I think its cause the Dinar is making people bitter and course so when it or if it RVs maybe people won't be so overly picky of other peoples posts.

Granted some need some critque work like mine did (obviously) but sometimes it gets really rediculous, rude violent and out of control.

This is why recently I prefer to lurk on this site.

Well back to lurk mode or until I post again. LOL

Thaiville a.k.a. Lurk

[oil4$]

Hello Everyone, I had this thought the other day and thought I would share it to see what people thought. Say I had $10 million Dinar, and it rv's 1 to 1. So instead of cashing in, I find a way to get my dinars to AL Warka or some other bank that is willing to keep the account in Dinar. From there I can buy CD's or other investments in Dinar. Say then every year I earn 10% interest (1 million dollars) which I can then wire back to an account in the US and use to live on. The interest would I suppose be taxed as income, but the principle and original gain ($10,000 to $10 million) would never be taxed. Technically that profit from the RV would never be realized because it would not be converted to dollars. The trick would be getting that $10 million dinar over to Iraq, perhaps Al Warka will open a branc in NYC, as I think the Kuwait national bank has a branch there. What do people think about this.

I have a better idea than that---on the 10 million you currently own, just buy another say 4 million more before rv and you can keep your 10 mil free and clear. After all, don't you want to help pay off the debt Obama and company are creating every day that goes by?