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Gifting Dinar

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Gifting Dinar

Post by rod-1097 on Tue Sep 13, 2011 8:35 pm

Michael-
Regardless if I bought Iraqi dinar, can anyone other than myself exchange it for U.S. currency to avoid "gift tax"?

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Re: Gifting Dinar

Post by MichaelG on Wed Sep 14, 2011 7:46 am

Here is how to "gift dinar" to avoid 'double' taxation.

Figure out how much IQD you are going to gift and to whom. Make a copy of your receipt paperwork from when you purchased it (originals always stay with you). Write on the copy who they are and amount of IQD and what they paid you for purchasing it for them. Example;

Purchased 100,000 IQD for Michael Godfrey for which he paid the amount of $85.00.

This will satisfy the IRS and give them "basis" for tax purposes.

Give the copy on which you wrote and the IQD to the other person and they can cash in their IQD.

I hope that helps. If not just let me know. Cool

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Re: Gifting Dinar

Post by rod-1097 on Thu Sep 15, 2011 9:11 am

Thank you

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Re: Gifting Dinar

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