This is What Happens the Morning the IQD Increases in Value Against the US Dollar
Okay, what happens when the Iraqi Dinar floats to 25 cents to one IQD. It is not unreasonable to think that you could wake up one morning and this be the case!
If you are holding one million Iraqi dinars, your first task would be finding out where you can exchange your IQD for greenbacks. The bad news is you may have to travel to the Middle East to trade your Dinars. Or, the good news is the banks in the United States will exchange your IQD for USD.
Regardless of what the status of exchanging your IQD for USD is, you will want to develop a cough and call in sick. Stay calm. Stay very calm. Do not text family members, and only tell your spouse if they can be trusted to keep the information a secret.
\Now comes the most difficult part. Read this part very carefully.
Cashier's checks, money orders, or traveler's checks worth more than $10,000 must be reported to the government by whatever institution issued them.
Depositing a large sum of cash that surpasses this limit means your bank will have to report it to the federal government. This law, which was established by the Bank Secrecy Act in 1970 and modified by the Patriot Act in 2002, dictates that any transaction over $10,000 must be reported.
The truth is banks are reporting transactions of $5000 if they are not familiar with your account or why you walked into the bank with lots more money than normal.
The legislation is aimed at thwarting money laundering and other criminal activities. Any withdrawals above $10,000 are subject to the regulation. It was created to help reduce drug-related monetary transactions, including those used for financing terrorism,
And because the currency you want to exchange is from the Middle East, you and your transaction will become suspect. So get ready to be kind, professional and explain how you did what.
You want to call your boss at work later on in the day and explain that you will be in to work the next day or in two days.
YOU WANT TO KEEP YOUR DAY JOB UNTIL YOU CAN INVEST YOUR PROFITS AND CREATE A POSITIVE CASH FLOW FOR YOURSELF AND YOUR FAMILY.
If you do anything else, you are in the fast lane to going broke.
The ONLY purchase you should make is for health insurance, nothing more, nothing less. If you spend money on anything else, you will be joining the broke lotto winners and NFL football players who didn't invest their salaries when they were younger.
Your ability to implement self-discipline will translate into your ability to generate a positive cash flow from your profits. Because once you spend your profits, you are broke!
At this point, you are asking yourself, who is this woman, telling me NOT to spend my money, or how to spend my money?
My name is Sandy Ingram, aka C. Ingraham, a Registered Tax Professional with the DOT since 1999. Retired, now traveling the world slowly. I am the publisher of the YouTube Channel, the Edu Matrix where we talk about exotic currencies and how to lower our taxes after experiencing exotic currency profits. In fact, the channel has a Membership component that teaches investors how to tax plan and prepare to lower taxes, legally. With over 15,000 tax students on Udemy, it is only fair that the same info is provided for channel viewers.
You can learn more about the channel's membership here. But first, you should know that if you have one million Iraqi Dinars and you decide to exchange all of your Dinars at 25 US cents for one Dinar, you would be looking at a profit of $250,000.
If you are single, you would immediately be placed in the 35% Tax Bracket. Your taxes would be $49,335.50 plus 35% of the amount over $215,950. (2022- 2023 Tax Brackets). This does not include your regular salary, which is added to the $250,000.
When you join the channel's Membership program, you learn how to eliminate most of the $49,000 tax liability, legally.
