CURRENCY
EXCHANGE....$$$$
TAKE
THIS WITH YOU AT TIME OF EXCHANGE DO NOT SAY INVESTMENT
OR CASH IN....OR YOU WILL BE TAXED UP TO 36%
"This is my opinion only and shall
not in any way be construed as legal or financial advice. You must pay all
taxes that are legally required. If you have questions or concerns, please
consult with your legal or financial professional."
We just learned that when you go in for the CURRENCY EXCHANGE, you must tell the
banker (and ANYONE else who may happen to speak to you when you get there) that
you are "here to EXCHANGE SOME
CURRENCY."
You will be REQUIRED to fill out a Form FINCEN 104.
You will also be presented with ANOTHER FORM which uses the word
"INVESTMENT" instead of CURRENCY
EXCHANGE. If you sign this second form, you will be
attesting to the fact that you are cashing in your investment as opposed to
making a CURRENCY EXCHANGE.
An "INVESTMENT" of
this type MAY BE taxed as much as 36%.
A CURRENCY EXCHANGE MAY NOT BE
TAXED.
If the bank insists that I sign the "investment"
document, I will politely but resolutely insist that they provide me with a
written statement that they are refusing to allow me to EXCHANGE an internationally tradable
CURRENCY.
"This is my opinion only and
shall not in any way be construed as legal or financial advice. You must pay
all taxes that are legally required. If you have questions or concerns, please
consult with your legal or financial professional."
5 comments:
Why are these people constantly talking about taxes being paid on the Iraqi Dinar to dollar exchanges? Regardless of what the Guru's say, the RV will not happen until the announcement is made saying all banks are now Basil III complient and that the new money is now precious metal backed. Unfortunately, this announcement will not be made because it is being blocked by Obama and the other corrupt government leaders and bankers. They do not want their financial playpen taken away from them. If the RV's occures before the banks are Basil III complient, all your new-found money will be lost to the thiefs the moment it hits your accounts.
Eventually the good guys will win out and the announcement will be made. At that time the bad guys will be rounded up and removed from power. Also, the Federal Reserve and the IRS will be shut down. Since the RV's are part of the prosperity programs, no taxes will be paid on any monies received.
I know the wait has been long, but no funds can be released until it is safe to do so.
Currency exchanges take place along the border here thousands of times each day in banks, in stores and in Casa de Cambios and no one has to pay tax on it! It would end all commerce here along the border...
Just my two cents, of course!
John,
Please provide the source or the basis for the statements of the "CURRENCY EXCHANGE....$$$$" posting above, that is above the words "This is my opinion only ......", if possible or available.
The authenticity or validity of the statements is, of course, is very important.
Thank you for your extremely diligent work!
Yours truly,
Tonto Goldstein
What about Blaino's peeps saying we must request a trust right away and only exchange through the trust????
You might just look at this:
http://www.irs.gov/irb/2012-08_IRB/ar10.html#d0e1806
A. Foreign currency conversion
If a specified foreign financial asset is denominated in a foreign currency, the value of the asset for purposes of determining both the aggregate value of specified foreign financial assets in which a specified person holds an interest and the maximum value of the specified foreign financial asset is first determined in the foreign currency prior to conversion into U.S. dollars (that is, independently of exchange rate fluctuations during the year). The asset’s foreign currency value is then converted into U.S. dollars at the taxable year-end spot rate for converting the foreign currency into U.S. dollars (that is, the rate to purchase U.S. dollars). The U.S. Treasury Department’s Financial Management Service foreign currency exchange rate is to be used to convert the value of a specified foreign financial asset into U.S. dollars. If no U.S. Treasury Department Financial Management Service foreign currency exchange rate is available, another publicly available foreign currency exchange rate may be used to determine an asset’s maximum value, but the use of such rate must be disclosed on Form 8938.
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