Tax

Have a tax question? Ask a tax Expert

Connect one-on-one with {0} who will answer your question

Related Tax Questions
I HAVE READ ARTICLES THAT SAY THE GAIN FROM A CURRENCY
i HAVE READ ARTICLES THAT SAY THE GAIN FROM A CURRENCY TRANSACTION IS ORDINARY INCOME AND NOT TREATED AS A CAPITAL GAIN. ARE YOU CERTAIN OF THE ANSWER GIVEN BY LEV THAT IT ISREPORTED AS CAPITAL GAIN A… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
41,928 satisfied customers
Probably not. I'm a retired tax attorney and someone at a party talked about a tra
Probably not. I'm a retired tax attorney and someone at a party talked about a transaction which did not make sense to me. They bought Iraqi dinar for $2,000 USD two years ago and now say they are abo… read more
Anne
Anne
Master Tax Preparer
2,551 satisfied customers
for Lane only: The iraqi dinar currency revaluation which
for Lane only: The iraqi dinar currency revaluation which incurs a large profit considered capital gains as you figured my original questions. Others are stating this is regular income. Can you give m… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
17,330 satisfied customers
Purchased $3,000 worth of Iraqi Dinars 1.5 years ago, receiving
Purchased $3,000 worth of Iraqi Dinars 1.5 years ago, receiving 3.0 million Dinars. A lot of chatter saying that these Dinars will momentarily be worth up to 3.0 US Dollars. I purchased Dinars hoping … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
41,928 satisfied customers
I bought some Iraqi dinar a large amount 5 million. I want
I bought some Iraqi dinar a large amount 5 million. I want to exchange it for dollars. If a made over 5million profit on the exchange how much in taxes would I have to pay. This si not an investment b… read more
Barbara
Barbara
Enrolled Agent, Paralegal
11,251 satisfied customers
i have purchased iraqi dinars.currently i have over 10 million.the
i have purchased iraqi dinars.currently i have over 10 million.the chatter is that iraq is very close to revaluing their currancy and investors predict a $4 reval,making this a $40 million payout.i ha… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
1,099 satisfied customers
I am involved in a speculative investment called IQD. If this
I am involved in a speculative investment called IQD. If this investment revalues like it is suppose to what would the taxes be? It is a foreign currency that is legal to own in the U.S.… read more
rramsook
rramsook
President/Owner
Bachelor's Degree
305 satisfied customers
Good Morning, I need an answer that would be specific to holders
Good Morning, I need an answer that would be specific to holders of Iraqi Dinar. My son heard recently that those of us who have purchased dinar in hopes of an RV, and currently hold the currency in o… read more
winktax
winktax
Enrolled Agent
Master's Degree
425 satisfied customers
How would the IRS classify the sale of Iraqi dinars that I
How would the IRS classify the sale of Iraqi dinars that I own if they revalue/increase in value? 1) I'm hearing conflicting opinions such as, a) it's regular income, b) it's a capital gain subject to… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
41,928 satisfied customers
I have purchased Iraqi Dinars as an investment in the anticipation
I have purchased Iraqi Dinars as an investment in the anticipation of a tremendous increase in value in relation to the UD Dollar. There seems to be a lot of disagreement in the Dinar community regard… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
41,928 satisfied customers
Hi Cliff, Hope you are still able to answer my question I didnt
Hi Cliff, Hope you are still able to answer my question I didn't realise that I had to put it in here. My question is: I what are the tax inplication on the Iraqi Dinar that I have purchase when the D… read more
Expert
Expert
In regards to foreign currency. If I invest in physical foreign
In regards XXXXX XXXXX currency. If I invest in physical foreign currency with the idea that is will appreciate in value over time, will that be treated under the 988 currency law when I trade it in f… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
41,928 satisfied customers
Hi, I recently bought some Iraqi Dinar (currency of Iraq)
Hi, I recently bought some Iraqi Dinar (currency of Iraq) for US Dollars. The country is expected to revalue its currency soon. I was told by several people that profits from an exchange of this sort … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
41,928 satisfied customers
I own 250,000 Iraqi dinars. I if the dinar is revalued and
I own 250,000 Iraqi dinars. I if the dinar is revalued and I make a large profit when I cash them in What US taxes am I responsible for. Interest income tax or Capital Gains tax. How do i report the i… read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
1,260 satisfied customers
I have Iraqi dinar that cost less than a penny per dinar. If
I have Iraqi dinar that cost less than a penny per dinar. If I sell for a profit, what tax rate would it fall under?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
41,928 satisfied customers
I have 40 million in Iraqi Dinar that I want to exchange into
I have 40 million in Iraqi Dinar that I want to exchange into US dollars. Are they any tax implications for doing this? I bought the dinar with wages that I have already paid taxes on.… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
41,928 satisfied customers
I have bought foreign currency (New Iraqi Dinar) in hopes ...
I have bought foreign currency (New Iraqi Dinar) in hopes of a significant increase in its'' value. If I trade in Dinar for U.S. $ and realize a gain, am I taxed at the capital gains rate or at the re… read more
Bill
Bill
Master's Degree
3,158 satisfied customers
I work in a foreign country on a temporary basis. If I ...
I work in a foreign country on a temporary basis. If I purchased a quantity of that country's currency, and between the time I purchased it and the time I cashed it back in there was a large revalue o… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,937 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

261 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

17,888 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,659 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x