Thread: r/v excitment from a Iraq Freind of a Freind

Whats up fellow Dinar lovers This is my first post and I just have a few quick questions. I apolagize if this is the wrong place to ask. After we all become Rich , What will the banks ,or wherever, charge us to exchange the dinars for american? Also, after our money is exchanged, will we have to pay taxes on it? Just a couple thinkers for ya. I love this site, you guys are awesome.

Originally Posted by Brahmabull

Whats up fellow Dinar lovers This is my first post and I just have a few quick questions. I apolagize if this is the wrong place to ask. After we all become Rich , What will the banks ,or wherever, charge us to exchange the dinars for american? Also, after our money is exchanged, will we have to pay taxes on it? Just a couple thinkers for ya. I love this site, you guys are awesome.

Welcome to the club BB

To answer your first question: it will depend on what bank you choose to exchange your Dinars. One thing to keep in mind is that some banks will charge you an Exchange Fee & an exchange rate (sometimes referred to as a spread). The fee is no big deal, usually anywhere from free if you have an account to $100.
The spread is what you want to shop for as this can cost you thousands.

Second question: A big fat yes! Capital gains for sure and, depending on what state you live in, state tax as well.

Hope this helps

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Ya watch out for the dinar scams!

Oops to late!!!!!!!!!!!!!

From my DD, there is no Capital Gains tax on exchange of hard currency.

Originally Posted by Alphamystic

Welcome to the club BB

To answer your first question: it will depend on what bank you choose to exchange your Dinars. One thing to keep in mind is that some banks will charge you an Exchange Fee & an exchange rate (sometimes referred to as a spread). The fee is no big deal, usually anywhere from free if you have an account to $100.
The spread is what you want to shop for as this can cost you thousands.

Second question: A big fat yes! Capital gains for sure and, depending on what state you live in, state tax as well.

Hope this helps

From my DD, there is no Capital Gains tax on hard currency exchange.

Hi all! This is my first post also, but I've been reading on this message board for a couple of weeks. I must say, you are all very knowledgeable about the Dinar situation, which is good because I'm not. I've invested in it, though. I have only a little over a million - enough to put me in good shape if everything pans out.

I want to thank you for enlightening me on the do's and don'ts of this investment and also for the information above about banks charging a fee to exchange currency. I had no idea. I thought there might be Capital Gains tax or Fed and State. But not an exhange fee. Boy, they get ya' coming and going don't they?

Anyway, again, thanks for all the information. If I have anything intelligent to say, I'll make sure and speak up. Have a great weekend!

Angie

Originally Posted by apwerner

Hi all! This is my first post also, but I've been reading on this message board for a couple of weeks. I must say, you are all very knowledgeable about the Dinar situation, which is good because I'm not. I've invested in it, though. I have only a little over a million - enough to put me in good shape if everything pans out.

I want to thank you for enlightening me on the do's and don'ts of this investment and also for the information above about banks charging a fee to exchange currency. I had no idea. I thought there might be Capital Gains tax or Fed and State. But not an exhange fee. Boy, they get ya' coming and going don't they?

Anyway, again, thanks for all the information. If I have anything intelligent to say, I'll make sure and speak up. Have a great weekend!

Angie

AP, be sure to shop around and if you have had an account with a bank that is going to exchange for awhile, demand they waive the fee. Trust me they will not risk having your deposits and investment for the exchange fee. Even new accounts at new banks will do this if you demand it to do biz with them.

OSOK

Originally Posted by strongtower

From my DD, there is no Capital Gains tax on hard currency exchange.

We've had quite a few that have found that there is a 15% capital gains if you've own your Dinar for a year or more. It then drops down each year (Don't remember the break-down).

However, if you have indeed found something to the contrary, please post it for the rest of us to see.

Originally Posted by Alphamystic

We've had quite a few that have found that there is a 15% capital gains if you've own your Dinar for a year or more. It then drops down each year (Don't remember the break-down).

However, if you have indeed found something to the contrary, please post it for the rest of us to see.

It also has to do with your Tax Income Bracket Classification from the YEAR before.