The information you want to keep track of now so that when your tax professional asks you for this information it will enable he or her to complete your taxes accurately and with ease…more than likely you will file your IQD capital gains…They want to know the sales price or the cost that you paid for the Iraqi dinars [and how many]…the date that you purchased the Iraqi dinars…the date that you sold the currency…that’s what you must do right now.
For this example…we are going to say…you have over 1 million Iraqi dinars…We’re going to say that Iraqi dinar floats to or equals 1 dinar to 1 US dollar…when you do the math you find out quickly that your total tax would be right around $335,423. Do I need to repeat that? $335,423. That is how much you will owe the IRS. I know some of you don’t believe in the IRS. Others say it’s not a real government agency. And some of you up until now have never cared but let me tell you if you want your profits…you’re going to need to claim the financial gain.