new tax question. need your thoughts

AS WE COMPILE ALL OUR INFO. MY QUESTION IS. IT IS SUGGESTED THAT WE BUY SOME FORIEGN CURENCY POST RV, I KNOW WE WILL PAY AT LEAST 4% TO THE UST FOR TRANSACTION TO USD. WOULD IT BE MORE COST EFFECTIVE TO CONVERT SOME IQD DIRECTLY TO SAY CANADIAN OR AUSSIE. IF IT IS POSSIBLE THEN WE WOULD SAVE THE 4% FROM USD AND PUT IT TOWARDS OTHER COUNTRY FEES. I HOPE THIS IS NOT A STUPID QUESTION. JUST WONDERING.

All I know, is TD Bank only charges for a transaction, for the paltry sum of 7.50 per transaction, and there is no 4% ust-I've already checked it out with my bank,and they are ready for me at cash-in time-:cheers:

thanks terbo. i got the 4% ust fee from this sight was it just speculation about the fee. cause ill take the 4% and run.

OK- Can't say as I'd blame you!:cheers:

bobd wrote:thanks terbo. i got the 4% ust fee from this sight was it just speculation about the fee. cause ill take the 4% and run.

I would always take anything on any dinar site with a grain of salt bobd. Hire professionals post rv and pre cash in! That is their areas of expertise and you probably won't have to second guess if you screen or get recommendations from someone you know.

ok i got it. verify verify verify.thanks guys

So doodoo- What are you saying? I was sharing my experience pertaining to how easy it was for me- Did you really think I tried to persuade someone? Jeez e!

All I know, is TD Bank only charges for a transaction, for the paltry sum of 7.50 per transaction, and there is no 4% ust-I've already checked it out with my bank,and they are ready for me at cash-in time-

I bank with TD and You are on spot with that..Nice Terbo56 Banks are leaving it up to you and IRS when it comes to taxes, as far how much (%) well it is all speculation till it go's down, IMHO I'm sure IRS is trying if not already have made new laws to get as much as they can get from us, at one point they were trying to raise exotic currency tax and it fell short of the 15% that they were trying to reach Hence the rumor of 15% but all speculation till it hits...

SEEK PROFESSION HELP. DUH THAT IS NOT HERE.

Bikertrash- Maybe YOU should have been a banker-I do happen to know what I'm talking about-

HeadNotTheTail wrote:All I know, is TD Bank only charges for a transaction, for the paltry sum of 7.50 per transaction, and there is no 4% ust-I've already checked it out with my bank,and they are ready for me at cash-in time-

I bank with TD and You are on spot with that..Nice Terbo56 Banks are leaving it up to you and IRS when it comes to taxes, as far how much (%) well it is all speculation till it go's down, IMHO I'm sure IRS is trying if not already have made new laws to get as much as they can get from us, at one point they were trying to raise exotic currency tax and it fell short of the 15% that they were trying to reach Hence the rumor of 15% but all speculation till it hits...

One small point. The IRS does not make the laws, congress does. The IRS only issues regulations in accordance with the laws passed and enforces them ... and of course rakes in the cash.

bobd wrote:AS WE COMPILE ALL OUR INFO. MY QUESTION IS. IT IS SUGGESTED THAT WE BUY SOME FORIEGN CURENCY POST RV, I KNOW WE WILL PAY AT LEAST 4% TO THE UST FOR TRANSACTION TO USD. WOULD IT BE MORE COST EFFECTIVE TO CONVERT SOME IQD DIRECTLY TO SAY CANADIAN OR AUSSIE. IF IT IS POSSIBLE THEN WE WOULD SAVE THE 4% FROM USD AND PUT IT TOWARDS OTHER COUNTRY FEES. I HOPE THIS IS NOT A STUPID QUESTION. JUST WONDERING.

#1 .....4% is not a US Tax so I don't know why the header is a tax question!!!!

#2 ..... I am extremely puzzled over how the IRS has no tracking over cash ins as the only form is a FINCEN104 which is a US Treasury Money Laundering form. It is not an IRS reporting document.

#3 ..... The IRS has no annual tracking form on their records for cash ins for either money exchangers (Dinar Banker) or the banks. Now the IRS has gone to great extents to require all interest & dividends be reported on form 1099 INT or 1099 Dividend. If you sell a stock brokerage firms are require to annually form 1099B which starting in 2011 includes the following data: name of shares, # of shares, date of purchase, cost, sale date, sales amount. So your return is required to tie into annual reporting required from brokerage & banks.

But now back to our IQD revaluation ..... There is NO ANNUAL US REPORTING TRACKING for cash in!

So this begs the question if a revaluation of this magnitude is about to happen how could there be absoulutely ZERO annual reporting tracking.

Oh and don't respond that they will develope it.

I am NOT doing this tax thing again- It's been 'BEATEN' to death- Find another subject,please? Dang it-