Thread: "Taxes", Anything Related To It In Here

Hi Clueless

The way I'm thinking at the moment is I would like to exchange like, $2mil...If I stick it in a savings account, where it is 'safe and sound', it can earn interest to the tune of @ $120 thousand...still not sure how to go about the whole capital gain thing...I am rather leary of phoning a random accountant and having to explain myself....

Hello...I have foreign currency that I have the opportunity to exchange...in doing so, I will receive a substantial amount of U.S. Dollars which I will deposit into a bank account and perhaps purchase another house. Could you tell me how I would go about doing this both LEGALLY and ECONOMICALLY?


AND How do I know who is a reputable accountant in my area....

Yes, these are nice dilemmas to have...but I don't really care to have to go through the auditing process...big pain in the rear, my friend was audited and it was rediculous!

Right now, I'm honestly hoping that it pegs $.99 to the USD so that I can stay under the $10,000 mark on my $10k Dinars!

( OR if it MUST...It could peg at the $1.19 mark that was tossed around in the other thread...wouldn't break my heart!)

Tiff

Interesting,

There will be many ways to handle taxes, but I would strongly recommend you not tie up your gains in a useless bank account. Remember folks, the US dollar has been worthless for decades, and with the house of cards our economy is built on, one little breeze and it all comes tumbling down.

Simply put, don't cash out all your dinar immediately. If you do, you may be giving up 100% of your potential ROI. I still feel the peg will be an initial lower point of .30 to .40 and allow economy to dictate rise in value based on economic growth, so don't rush out and exchange more than you can shelter.

Tiff, if you were to put $2M in your local bank, sorry, but that would be disaster if dollar collapses, and it will within the year in my opinion. Look how it is already dropping, and this is just the start. Once the major economic countries shift away from dollar, as in China, which has hundreds of billions loaned to US, this alone could collapse economy in US. The other issue is Venezuela whereby tensions are rising against US and worse, US oil companies, so there are far too many danger signals to keep your currency in US dollars. Bad move.

One more thing to understand. If you have $2M in your local bank, FDIC only covers $100K, so you would be at risk of losing $1.9M if economy collapses in US, which I believe it will. We all have heard about the run on banks in the last melt down, so don't think it won't happen again, as history has already proven everything repeats itself.

Also, don't put you money into real estate at this point. I know it is everyone's dream to own their own home, but there will be a massive drop in real estate values when collapse happens, so wait, and you will be able to purchase that mansion you always wanted for 10% of the current price. (g) Seriously, you have to protect your assets, and although no one wants to think about the impending economic doom, it is real, and one must be aware of this coming disaster.

We are already seeing signs of it, so don't take risks with your new found wealth, there is just as much risk in US economy as there was in Iraq just a few months ago. We already are seeing erratic swings in stock market, oil prices, and just look at what gold did last week, it dropped $67. in a couple days after being driven up on fear, and these are all signals which cannot be ignored. Just wanted to let you know a few facts so you avoid a potential loss after your significant gain. Nothing is worse than finally becoming wealthy, and then cannot enjoy it due to problems we cannot control. Be smart with your wealth, protect it, that is all I wanted to say.

Good luck to all, Mike

Mike,
Have always enjoyed you and Adster's posts. You have a valid point as far as where the US economy is headed. Where would you suggest "us" investors should put our money once the dinar is pegged?
Thanks,
Michael

Originally Posted by OrangeBlood

Mike,
Have always enjoyed you and Adster's posts. You have a valid point as far as where the US economy is headed. Where would you suggest "us" investors should put our money once the dinar is pegged?
Thanks,
Michael

Thanks Michael,

I appreciate the post as I am sure Adam does. When I intoduced Adam to this investment, he was as skeptical as I was back in days of Kuwaiti invasion by Saddam when a similar situation existed, so we have come a long way over the years, but as a student of the world economics, I can share opinions, but I cannot give financial advice as far as what to invest your money in.

I can voice opinions, as I have from start, but everyone has to be responsible for their own investments, and the associated risks. My opinion is not to keep much in dollars, simple. Personally, keeping most of your dinar intact would be the best single strategy to take for we are a long way from the total potential of $3.40 which I see happening within two years, maybe three, depending on oil prices, it may be sooner.

What you have to look at is where we are today verses where we will be in a couple years regarding oil issue. I don't think it is too far fetched to think oil will hit $150. a barrel within a year, if not sooner if the predicted hurricane season is accurate which will be worse than last year, and we all know what happened with Katrina on oil prices. Oil sector will always be a good place to invest, and none better than into the Iraqi sector, especially since I know what is going on in Kurdish region with regards to new found reserves. Remember, under Saddam, there was no exploration or upgrade in oil industry in 30 years, and with a total revamping of oil recovery systems now pending, Iraq will be the number one oil country and natural gas, and I predict this will happen within a couple years, so this is why I say wait on cashing out all your dinar.

Simply put, there will be a mass infusion of investments into developing the Iraqi oil reserves, so this will make millionaires out of anyone investing in companies who are aligning with Iraq, so with the eventual opening of the ISX to outside investors, which is being upgraded as we speak to allow foreign investors, you most bang for the buck will be in Iraq. Think of it this way. We all know China and India are booming and this too has caused the prices we now pay at the pump to rise. It is simply supply and demand, and with the environmental pressures not to explore in our own back yard in Alaska, and likely not to change, Iraq is the ace in the hole.
Saudi Arabia reserves are expected to run dry in the next decade according to some experts, so what does this mean to Iraq? It is as clear as day, and everyone should be looking to keep their dinars and invest them into Iraq oil industry, as well as many other companies listed on Iraq Sotck Exchange soon. Remember, just an opinion, not financial advice. (g)

Good luck to all, Mike

Great post Mike! I had already opened up a Al-Warka account but have not funded it yet due to some strange problems that have arisen over there. Do you think we will be able to invest in the ISX without having to have a bank account in Iraq? If so, will our local broker be able to invest our money for us over there.
Thanks again,
Michael

Originally Posted by OrangeBlood

Great post Mike! I had already opened up a Al-Warka account but have not funded it yet due to some strange problems that have arisen over there. Do you think we will be able to invest in the ISX without having to have a bank account in Iraq? If so, will our local broker be able to invest our money for us over there.
Thanks again,
Michael

Greetings,

Yes, I had considered opening a al-Warka account as well based on a bunch of talk, but in reality, it was not necassary. Once peg is made and dinar is traded on FOREX, then I suspect the new computerized stock trading system will be up and running, and then the doors will open without need for an account in Iraq. Just as foreign stocks are traded on US exchanges, I predict it will be similar with Iraq stocks. I currently invest in Russia, India, China, Ireland, Denmark and Canadian companies, all through US exchanges, so we will have to wait and see.

Good luck to all, Mike

Mike, are you invested in Russia, Denmark, China, etc., and the other countries you just mentioned with US dollars or did you exchange your dollars into their currencies and then invest directly in those countries?

Hope you don't mind my asking. This question was prompted by your advice to hold onto the dinars for awhile if possible, instead of cashing them in.

Thanks.

Caroline

Oh, I see you said thru US exchanges, so must be US dollars, right?

Thanks.

Caroline

Originally Posted by Caroline

Oh, I see you said thru US exchanges, so must be US dollars, right?

Thanks.

Caroline

Hi Caroline,

Yes, in most cases it is US dollars, but in the case of Iraq, I am looking to invest dinar, so I will keep everyone posted when this option is open to us all.

Good luck to all, Mike

Have we formed an official DinarInvestors Club yet ?? And if not, can we ???
I think there is a super team of members here and it is due to become a very involved opperation if what is being said in Iraqi finally comes to fruitition. Remember there is power in groups..

If you take time to check out the information on the Central Bank of Iraqi website, if you have accounting backgrounds, it is very interesting, and they are moving in a forward motion.

(I can't sit still) I am over joyed at the prospect, but Mike and Adam have both posted some very useful information for all of 'we' novices who will be coming into this new wealth.