The Internal Revenue Service is already working on their next Service project and that is monitoring transactions of the Iraqi Dinar.
The IRS does not want this to become the next UBS. They will be watching all International Investments much closer in the near future as new IRS task forces have been set up to both monitor and enforce the U.S. Tax Laws regarding these International Transactions.
So, what are the United States Tax issues relating to buying and selling Iraqi Dinar(s)?
As of 2010, Dinar Banker is not required to report any information to the United States Treasury Department regarding individual domestic United States sales or purchases of Iraqi Dinar as long as the transactions are “not cash” for cash transactions.
If you have a certain amount of profits from these transactions, you will be required to pay United States Taxes on the change in value of Iraqi Dinar(s) purchase(s).
The IRS will have monitoring in effect. The amount of taxes the taxpayers will pay is dependant on the taxpayers own individual tax rate and the length of time you have held the Iraqi Dinar. This is normal for all transactions of this kind.
Check and wire purchases of sales within the United States are not reported. For international transactions over $10,000, Dinar Banker must report the transaction on a Fin Cen 105. For more information on this, check out this site: http://www.fincen.gov/forms/bsa_forms/
The IRS is setting more task forces up, so be sure you file an accurate tax return. If not, the tax penalties will be stiff.
You should look to hire a professional tax firm in the accounting and taxation of your transaction. Always hire those with former IRS experience.
