Thread: Iraq/Dinar News. 09/05 to 01/14/07

Okay guys, I've been thinking, dangerous, I know, but here goes.

Let's say that some one was planning to go to Iraq after the reval and decided to exchange some currency, dollars for dinars. But then changed there minds and wanted to exchange those same dinars for dollars. What gives the IRS right to tax me on this exchange? How would the IRS know when I purchased the dinar? If I paid $100,000 for a 100,000 dinar and then exchange it back at same cost, what would keep the IRS from taxing me on this?

Is every one taxed at every currency exchange?

If taxing is correct, then if we were to have bought the dinar at say a 1:1 and then it fell to .00068 could we then claim our losses?

I'm just not getting this whole taxation on currency exchange. Because technically is that not what we have been doing this whole time - currency exchange? Can you really label it investing? Or capital gains?

I will be talking with a tax attorney before too long, cause I for one do not want to pay anymore taxes than I have to.

I welcome any and all thoughts on this. I know we have been over this, but I can't shake it. Just seems wrong.

Monica

Originally Posted by readytogo

Okay guys, I've been thinking, dangerous, I know, but here goes.

Let's say that some one was planning to go to Iraq after the reval and decided to exchange some currency, dollars for dinars. But then changed there minds and wanted to exchange those same dinars for dollars. What gives the IRS right to tax me on this exchange? How would the IRS know when I purchased the dinar? If I paid $100,000 for a 100,000 dinar and then exchange it back at same cost, what would keep the IRS from taxing me on this?

Is every one taxed at every currency exchange?

If taxing is correct, then if we were to have bought the dinar at say a 1:1 and then it fell to .00068 could we then claim our losses?

I'm just not getting this whole taxation on currency exchange. Because technically is that not what we have been doing this whole time - currency exchange? Can you really label it investing? Or capital gains?

I will be talking with a tax attorney before too long, cause I for one do not want to pay anymore taxes than I have to.

I welcome any and all thoughts on this. I know we have been over this, but I can't shake it. Just seems wrong.

Monica

This is exactlly what I have been saying and will be doing. Mike has even said the same thing to us all. In the US just stay under the $10,000.00 Mark and have fun but be smart. I am not worried. This is why the Bike Run was presented at one time. But hay!!! Do as you feel you need to do.

Also I am not buying this 3 weeks dead line. If that is the case it will be announced. And if it is, the reason to my best opinion is for this very reason of Taxes. Tio keep people from avoiding them as much as possible.

Remember I said "Avoiding Them" not "Tax Avation". You will get in serious $hit for that. In my opinion again this is why this is throwed out there of the 3 week dead line of the Bigger Denominations. The IRS knows it want never get it all. But they are the Government and will get and figure out how to get what ever they can.

hello dinar gang,

i have been out of town all week on business..trying to get read up on current status of the dinar....NENO what part of D/FW do you live in??? i live in the area as well...pass along any info you get as far as bank locations in the area that will accept the dinar when it reveals....

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Just my thought. I remember that the US has had 5 or 50 billion at a time deposited in the Federal Reserve at a time starting back in 2003. I remember reading this before. That was the last time I remember it mention. So saying that the US already has plenty dinar on hand for the Banks here in the US.

Also wanted to mention that this Radio Station I have been listening to....In stead of of my regular Classic Rock Stations., is KERA. I am sure you good folks have it to. In Dallas it is 90.1 FM I just wanted to pass it on casue they have intence Interviews with the Goverment Body and you can really hear between the Lines with this.

Just a thought when going down the road are just relaxing to some Jam. You can "Jam Later".
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Hey prettyctk,

I am South of the Metroplex. Down I35 in Waxahachie. There are some other members on RC from here as well. I remember seeing them during the GZ sign-up. On the Radio Station I stated, I found out it is NPR as well as KERA.

And as far as Banks I have checked with Band of America, Wells Fargo, and Wachovia. And every knows about the International Airports. All have said Yes and will when the time is here. Wachovia is a smaller branch where I live and will have a different way of the transaction. I am telling you now I will have 10 Banks ready with accounts allready set-up. This way Like with Wells fargo and Bank of America the Exchange is free.

This is why I am not buying that post of the guy from another forum of the 3 weeks for the bigger notes to be exchanged and that the Banks are gearing up for the compitetion. The Only thing the banks will gear up for in my opinion is to hold the dinar as hey can for the value to keep going up for their own exchange back to the World Bank. There is no Competion when the banks will do the Exchanges for free if you have a account there. Hummmm. You tell me what I am missing.

Oh yeah prettyctk, I am only here for two more years after the r/v. Then we are off to a cool climate. Hopfully back to about 2500 acers and 1000 Head of Cattle. my Kids really miss the Horses and the Land. I do too. Maybe Colorado.

you are right down the road from me NENO!!! I am in Mansfield..i need to get a few accounts set up then..Wells fargo and BOA.. If it goes up to around 3 dollars = 1 dinar. then i would love to get a place in a cooler climate as well !!! i am sick of this 30 + days of 100 + HEAT

Originally Posted by neno

This is exactlly what I have been saying and will be doing. Mike has even said the same thing to us all. In the US just stay under the $10,000.00 Mark and have fun but be smart. I am not worried. This is why the Bike Run was presented at one time. But hay!!! Do as you feel you need to do.

Also I am not buying this 3 weeks dead line. If that is the case it will be announced. And if it is, the reason to my best opinion is for this very reason of Taxes. Tio keep people from avoiding them as much as possible.

Remember I said "Avoiding Them" not "Tax Avation". You will get in serious $hit for that. In my opinion again this is why this is throwed out there of the 3 week dead line of the Bigger Denominations. The IRS knows it want never get it all. But they are the Government and will get and figure out how to get what ever they can.

Hey neno!!

Staying under the $10,000 mark and not paying taxes on that money is still tax evasion, LOL. Just because the banks don't report the transaction to the IRS does not mean we are off the hook for the capital gains tax.

On a happier note...maybe we should start a thread about where the best place to live in cool weather is. I live in the desert of Eastern Washington State and it has been 106 degrees more times this summer than I care to count!! I wonder if there exists a place where the temperature is like between 65 and 75 degrees all year long without a bunch of snow or rain. I would move there in a heartbeat especially if I can have a few acres and some farm animals!! I am kinda nervous around horses though so I am not sure about them, LOL.

danny

Originally Posted by prettyctk

you are right down the road from me NENO!!! I am in Mansfield..i need to get a few accounts set up then..Wells fargo and BOA.. If it goes up to around 3 dollars = 1 dinar. then i would love to get a place in a cooler climate as well !!! i am sick of this 30 + days of 100 + HEAT

Wow How that place has growed.Almost bought their before the explosion of that community. 2 of my Sons 23 and 19 who own 1 million dinar apiece are just on the otherside of you down Hwy287 in Arlington off of Little Road. They are working in Burleson on Gas Riggs and Oil Derecks. Small world out here.

They will give it up here to go with me to Colorado too. Both Rode Bulls and love the country. They can get into the oilfield there with thier companys as well. It is just to Hot here for me anymore. When the dinar revalues and just rises as it will, I see a White X'mas in the future.

Originally Posted by danny51

Hey neno!!

Staying under the $10,000 mark and not paying taxes on that money is still tax evasion, LOL. Just because the banks don't report the transaction to the IRS does not mean we are off the hook for the capital gains tax.

On a happier note...maybe we should start a thread about where the best place to live in cool weather is. I live in the desert of Eastern Washington State and it has been 106 degrees more times this summer than I care to count!! I wonder if there exists a place where the temperature is like between 65 and 75 degrees all year long without a bunch of snow or rain. I would move there in a heartbeat especially if I can have a few acres and some farm animals!! I am kinda nervous around horses though so I am not sure about them, LOL.

danny

Yes danny51 agreed, You have to be smart to avoid and stupid for doing Avation. You should pay your taxes and be done. But there are somany ways to do it. No Argument from me.

Tommy, I envy your plans. I am planning for the hot dry country----Las Vegas. Its always cool in the casinos, LOL

If that report from jfletcher is true then will taxes be due?
afterall it is a currency exchange right?