Thursday, May 10, 2018

BobTheTaxMan TIDBIT, 10 MAY

We are not in the business of exchanging dinar.  We don’t have a clearance for the date of exchange. We don’t have any of that stuff.  We are just holders, anticipating it’s going to come to fruition.  The other one people get confused on is…If you went to travel and packed up and went to Iraq for a visit and you had some dinar with you when you came back, there was some left in your pocket and it increase in value…if it exceeded $200 of travel money then that would be considered as capital gains. It also meant you weren’t traveling with 10’s of millions of dinar.  Alright?  It’s just travel money.  I can assure you I have checked with so many places.  I have checked with well established CPA firms and attorneys.  I have had professional financial planners contact their tax attorneys and they all come back with the same thing.  It [Dinar] will be treated as ordinary income.  [Post 2 of 2] [NOTE:  This is NOT to be considered tax advice.  At the appropriate time speak with your own tax and legal professional] 

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