About gifting DINAR to another?

by Guest Sat Jul 28, 2012 11:19 am

I listened to LJ AND HIS NEXT STEP CREW cc lastnight and some callers asked about gifting Dinar.

Why do we even have to "gift" the dinar to someone is my question? Lets say I just hand over a 25,000 note to my brother. The rv happens and he goes to the bank to cash it out. It's not like they are going to ask WHERE DID YOU GET THIS FROM or I WANT A receipt???? Am I wrong.

Or is it that the IRS is going to ask me in the future WHERE IS THIS AMOUNT OF DINAR you bought? I am confused...

And how would one go about gifting anyway just incase I have to do it?

by ou812 Sat Jul 28, 2012 4:33 pm

I dont see any tax implications in gifting something thats pretty much worthless right now.

by Guest Sat Jul 28, 2012 4:40 pm

ou812 wrote:I dont see any tax implications in gifting something thats pretty much worthless right now.

Are you saying you can just hand over some of your dinar to anyone without any ramifications down the line after it rv's?

by ou812 Sat Jul 28, 2012 4:48 pm

punisher wrote:
ou812 wrote:I dont see any tax implications in gifting something thats pretty much worthless right now.

Are you saying you can just hand over some of your dinar to anyone without any ramifications down the line after it rv's?

Why would you think there would be ramifications and what would those ramifications be?

by Guest Sat Jul 28, 2012 5:00 pm

ou812 wrote:
punisher wrote:
ou812 wrote:I dont see any tax implications in gifting something thats pretty much worthless right now.

Are you saying you can just hand over some of your dinar to anyone without any ramifications down the line after it rv's?
Why would you think there would be ramifications and what would those ramifications be?

Maybe if the IRS wanted to account for the amount of Dinar that you purchased and converted to U.S. dollars...? flame

by ou812 Sat Jul 28, 2012 5:18 pm

If i give you a 25000 note thats currently worth $22.00 and it RVs and the note is worth
$100,000 and you cash it in then you are responsible for paying taxes.
Why do people think there is something more to it.

by Guest Sat Jul 28, 2012 5:21 pm

ou812 wrote:If i give you a 25000 note thats currently worth $22.00 and it RVs and the note is worth
$100,000 and you cash it in then you are responsible for paying taxes.
Why do people think there is something more to it.

Im just asking questions my friend, just asking questions. cashingIn

by **Terbo56** Sat Jul 28, 2012 6:07 pm

Just give them whatever dinar note you want them to have, and give them a bill of gifting certificate- What is so hard about that? And, yes, this has been 'hashed' over a number of times already- Kevind53 will or may have a copy that you can verify or get a copy-:shock:

by Guest Sat Jul 28, 2012 6:24 pm

Kevin, do you have a copy?

by **Terbo56** Sat Jul 28, 2012 8:10 pm

Punisher, I really don't think it matters at this point-Just tell the people you gave it to, 'You didn't get this from me', problem solved- About gifting DINAR to another? 2203778411

About gifting DINAR to another? 2203778411

by Guest Sat Jul 28, 2012 8:28 pm

Lol...ok.

by **Purpleskyz** Sun Jul 29, 2012 12:12 pm

From my understanding if you gift dinar make sure that the gifted person can provide the proof of purchase.I have a friend that received dinar as a gift. The person that gifted wrote an affidavit and then they had it notarized. Better to be prepared I think. Smile

by ou812 Sun Jul 29, 2012 12:42 pm

purpleskyz wrote:From my understanding if you gift dinar make sure that the gifted person can provide the proof of purchase.I have a friend that received dinar as a gift. The person that gifted wrote an affidavit and then they had it notarized. Better to be prepared I think.

The person would need proof of purchase or whatever for tax purposes only if they declare
long term capital gains and the IRS challenges him.

by **Purpleskyz** Sun Jul 29, 2012 12:44 pm

Thanks ou812

I figured there had to be a reason. Smile

by Guest Sun Jul 29, 2012 12:45 pm

purpleskyz wrote:From my understanding if you gift dinar make sure that the gifted person can provide the proof of purchase.I have a friend that received dinar as a gift. The person that gifted wrote an affidavit and then they had it notarized. Better to be prepared I think.

This is why I am confused. I am also hearing what purpleskyz wrote.

by **Terbo56** Sun Jul 29, 2012 2:07 pm

Is there an 'echo' in here? Didn't I say that already? scratch

by **Kevind53** Sun Jul 29, 2012 5:01 pm

I know it has been discussed, and pretty much the same things have been said. I am no lawyer, but to me having to do a letter and all is gilding the lily. You don't have to provide a letter to gift USD, why would you have to for IQD? Whoever cashes it in will receive a receipt, and at the price we paid and write off would be negligible, so why make it more complex than it needs to be?

by Guest Sun Jul 29, 2012 5:03 pm

Kevind53 wrote:I know it has been discussed, and pretty much the same things have been said. I am no lawyer, but to me having to do a letter and all is gilding the lily. You don't have to provide a letter to gift USD, why would you have to for IQD? Whoever cashes it in will receive a receipt, and at the price we paid and write off would be negligible, so why make it more complex than it needs to be?

So no need to do anything is your advise?

About gifting DINAR to another?

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