_ From 3sintel
[citizensoldier] Revenue ruling 74-71, 1974-1cb198 irs section 1031 also section 1221:1 & 1221-1. Remember this is a currency exchange. Cash is cash. Currency is a capital asset. Capital assets are all long term and subjece to a flat 15% capital gains tax.
[citizensoldier] DueTime IRS CODE TAX STATUTES 988 & 525; This will be capital gains at 15% investment with PRESIDENTIAL ORDER 13303. IQD is in the foreign currency cap.gains category, Bush tax cut extended to DEC.31, 2012. Someone else said 2013, but I think it's thru the tax year of 2012
[citizensoldier] [book2] chillimac citizensoldier you have to make deposits on income for Oct - Dec in January. You file your income tax return, showing these deposits as deductions against your tax liability, by April 15.
[citizensoldier] ook2] gwendolyn13 you make a deposit on taxes for the SALE of currency if you make a gain (which we will) by Jan. 15
(Dinar Recaps Note: this is posted for informational purposes only, everyone should seek their own local Professional Licensed Tax advice.)