Cashing In your Dinar

[Corwin]

I'm wondering how people are planning on "Cashing In" their Dinar when the time comes. I'd like to compare the options and hammer out the best possibility when the time comes.

[rabilac2000]

in attempt to avoid high $ capital gains, the bulk of my dinar will continue to sit in the safe deposit box at my bank, but I will cash in just enough to pay off car loan and any other outstanding debts I currenty have (about $12k US total)...and have a little buffer zone to get us through the holidays. Would also like to be able to donate more towards Katrina disaster relief, if I can.

Once my dinar passes the 1 year mark, I plan on cashing it in and (hopefully) purchasing a home for my children and myself...and pumping up my retirement account...maybe take a trip...but those are all dreams for later...

[movetopi]

I work in Kuwait and I will go to a money exchange and then transfer it to the Philippines where I will buy a house for me and my wife. After that I will find a poor family buy them a house and cloths for the kids to go to school cloths for the husband and wife so they can get a job. Then I will sit back and relax and go fishing. :rolleye03 :rolleye03 :rolleye03

[momtoredheads]

why do you have to hold on to your dinars for one year after purchase to avoid capital gains? Are you saying that after one year you won't have to pay taxes on it? I purchased one million from Amer a few weeks ago. I've got it but I don't have any receipt. I didn't print out the one that came up immediately after my purchase and I did not get one emailed or one in my package. The only thing I have is my bank statement. Will that work as a receipt to show when I paid for it?

[pokerfool]

1. Another option that was not mentioned... send dinar to someone that is in Iraq and have them cash it in for you. Take a chance if you do not know them but you could send a small amount to them at a time to build trust. Of course they would want a fee.

2. The following has nothing to do with with your question of 'holding for a year'. The reason you would hold for a year is to reduce your capital gains. (do a search on taxes here... lots has been posted)

3. However, the following does point out a potential dilema that we all might face when it comes to 'cashing in'. I hope this will not be the case but it would be interesting to see some 'expert opinions' on this.

"Originally Posted by John M.
Essentially, they repatriated all the Marks back and exchanged (1 month to do all this) them at a rate of 5 (old) to 1 (new). They froze bank accounts for 1 year if they had more than the equivalent of $5k in an attempt to limit "War Profiteering"! They then pegged at $.31....I have been trying to find a link to this again; but it is there.
I know if they had a plan to deal with things (war profiteers) 60 years ago, they will try to work us somehow. I hope not; but could happen."

[Javabear]

is to go the Cayman Islands. No tax liability whatsoever since everything is done with secret accounts. Illegal as hell but the bankers in the Cayman Islands have lots of experience dealing with drug money. As far as capital gains tax goes, the differential between short term and long term is a year and a day. The letter of the law states that investments must be held over 1 year to qualify as a long term investment, so one more day makes a huge difference in your potential tax liability.

No, I'm not a CPA, but I did stay at a Holiday Inn Express last night.

[tklincoln]

"Originally Posted by John M.
Essentially, they repatriated all the Marks back and exchanged (1 month to do all this) them at a rate of 5 (old) to 1 (new). They froze bank accounts for 1 year if they had more than the equivalent of $5k in an attempt to limit "War Profiteering"! They then pegged at $.31....I have been trying to find a link to this again; but it is there.
I know if they had a plan to deal with things (war profiteers) 60 years ago, they will try to work us somehow. I hope not; but could happen."

I agree. And that is why it is so important to have diverse holdings so that you can sell back through an exchange house or bank with any bearer bonds you hold.

[Corwin]

why do you have to hold on to your dinars for one year after purchase to avoid capital gains? Are you saying that after one year you won't have to pay taxes on it? I purchased one million from Amer a few weeks ago. I've got it but I don't have any receipt. I didn't print out the one that came up immediately after my purchase and I did not get one emailed or one in my package. The only thing I have is my bank statement. Will that work as a receipt to show when I paid for it?

If you hold an investment for a year it goes from Short Term to Long Term Capitol Gains. Taking you down to only 15% tax rate (vs personal income rate in the 30%s)

Additionally - I AM NO TAX ACCOUNTANT!!! Verify this to be sure, you can use your visa bill as proof that you purchased dinar on a specific date. Also, talk to your dealer and see if he/she will send you a purchase order or a copy of the original order.

Corwin

[kelvinchau25]

If you hold an investment for a year it goes from Short Term to Long Term Capitol Gains. Taking you down to only 15% tax rate (vs personal income rate in the 30%s)

Additionally - I AM NO TAX ACCOUNTANT!!! Verify this to be sure, you can use your visa bill as proof that you purchased dinar on a specific date. Also, talk to your dealer and see if he/she will send you a purchase order or a copy of the original order.

Corwin

Question, is it one year from the date of purchase or is it one year from the date of revaluation?

[creationworks]

I work in Kuwait and I will go to a money exchange and then transfer it to the Philippines where I will buy a house for me and my wife. After that I will find a poor family buy them a house and cloths for the kids to go to school cloths for the husband and wife so they can get a job. Then I will sit back and relax and go fishing. :rolleye03 :rolleye03 :rolleye03

Keith, I like your style.

[435613422]

in attempt to avoid high $ capital gains, the bulk of my dinar will continue to sit in the safe deposit box at my bank, but I will cash in just enough to pay off car loan and any other outstanding debts I currenty have (about $12k US total)...and have a little buffer zone to get us through the holidays. Would also like to be able to donate more towards Katrina disaster relief, if I can.

Once my dinar passes the 1 year mark, I plan on cashing it in and (hopefully) purchasing a home for my children and myself...and pumping up my retirement account...maybe take a trip...but those are all dreams for later...

don't donate to the Katrina relief fund. The money hardly go to the people who really needs it. You can donate directly to me , I am a victim.

[jammikell]

U ONLY PAY TAXES ON THIS MONEY WHEN YOU MAKE MORE MONEY OFF OF IT. SAY LIKE INTEREST IN BANK ACCOUNTS. THINK ABOUT WHEN YOU GO TO A FOREIGN COUNTRY AND CONVERT YOUR MONEY. BUT THEN WHEN YOU RETURN THEY DONT TAKE TAXES THEN EVEN IF THE MONEY IS MORE THAN WHAT YOU CONVERTED. SOMEONE CALLED THE IRS AND FOUND OUT THIS INFO. YOU DO NOT PAY TAXES ON CONVERTING YOUR MONEY. YOU ONLY PAY TAXES WHEN YOU MAKE MONEY OFF THIS MONEY.

[Deer Hunter]

U ONLY PAY TAXES ON THIS MONEY WHEN YOU MAKE MORE MONEY OFF OF IT. SAY LIKE INTEREST IN BANK ACCOUNTS. THINK ABOUT WHEN YOU GO TO A FOREIGN COUNTRY AND CONVERT YOUR MONEY. BUT THEN WHEN YOU RETURN THEY DONT TAKE TAXES THEN EVEN IF THE MONEY IS MORE THAN WHAT YOU CONVERTED. SOMEONE CALLED THE IRS AND FOUND OUT THIS INFO. YOU DO NOT PAY TAXES ON CONVERTING YOUR MONEY. YOU ONLY PAY TAXES WHEN YOU MAKE MONEY OFF THIS MONEY.

I THINK we are all ASSUMING to pay capital gains taxes. BUT that is on investments AND IRS does not consider money, itself, to be an investment. Any sharp tax lawyers out there? I just assume IRS will find a way BUT MAYBE NOT. No use volunteering if it is not right or necessary.

[Katt]

I will tentatively subject to change deposit my dinar stash in a variety of global banks. 25% U.S.in dollars, 55% off shore, Euro's.. Keep 20% on hand for use in primarily buying property. Things in which I can kick the tires..

I wouldn't put a penny into the stock market.

Katt

[SEABEE CAN-DO]

Still will not cash it in. Live in the interest. Still make more $$ each month than I have ever made in 1 year.

[Al_Coholic]

If the value of my hard earned dollar rises over time I do not pay cap. gains on the difference after it has risen.

Why then do you have to pay cap. gains on the Dinars under the same scenario?

Has an expert posted here saying you must pay cap. gains?

Just a thought.

[fatmaninthebathtub]

If the value of my hard earned dollar rises over time I do not pay cap. gains on the difference after it has risen.

Why then do you have to pay cap. gains on the Dinars under the same scenario?

Has an expert posted here saying you must pay cap. gains?

Just a thought.

No more cap. gains from my understanding.

[Pimpmaximus]

If the value of my hard earned dollar rises over time I do not pay cap. gains on the difference after it has risen.

Why then do you have to pay cap. gains on the Dinars under the same scenario?

Has an expert posted here saying you must pay cap. gains?

Just a thought.

That's just it. Your dollar has never risen in value. It loses value each and every day. If you invested that dollar and made some profit off it, then you would be liable for taxes. How much depends on how long you held the "investment vehicle" (stock, foreign currency, etc.)

Buying foreign currency is considered an investment once you come to reclaim your USD. Until then, it's simply a novelty purchase.

[Deer Hunter]

That's just it. Your dollar has never risen in value. It loses value each and every day. If you invested that dollar and made some profit off it, then you would be liable for taxes. How much depends on how long you held the "investment vehicle" (stock, foreign currency, etc.)

Buying foreign currency is considered an investment once you come to reclaim your USD. Until then, it's simply a novelty purchase.

I am not sure, nor convinced, that buying foreign currency is considered AN INVESTMENT, according to our terms or IRS terms. Somebody better make sure and not just assume in a statement like that. You may be misleading a lot of people.

[TreasureHunter]

If the value of my hard earned dollar rises over time I do not pay cap. gains on the difference after it has risen.

Why then do you have to pay cap. gains on the Dinars under the same scenario?

Has an expert posted here saying you must pay cap. gains?

Just a thought.

..............When the VALUE DROPS! ........They sure don't let you claim a loss and give you a TAX CREDIT!!!

If they did.........
Our Dollar probably wouldn't in the shape it's in!