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Gifting VND

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Gifting VND

Post  rain72 on Mon Sep 02, 2013 8:41 pm

I would like to get some VND for my daughter. If I gave the dated receipt and a note from her on the date I give it to her, does that clear me of having to pay any taxes . She could prove she got it before RV.
Would she have to pay a gifted tax?
Thanks, Rain72

rain72

Posts : 16
Join date : 2013-07-15

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Gifting VND

Post  Midmo on Mon Sep 02, 2013 9:20 pm

Consider how I have done this.... My kids know they are getting envelops.  They have written checks prior to this date and after the date of purchase, for the value/cost of the VND or dinar when bought.   Holding all checks with each envelop in safe until day of RV.   Then envelops will be distributed, THEY exchange and I deposit their check to close ownership loop (or just retain since it is my option if and when I deposit. Check is proof of exchange of ownership.)  They merely reimbursed me cost of the currency on prior date and they now own the envelop with their names and date they obtained.

Midmo

Posts : 42
Join date : 2012-06-21
Location : Mid Missouri

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Just happen to read this post- Please seek tax advice

Post  michellebelltx on Mon Sep 02, 2013 9:41 pm

Just wanting to post that seeking professional tax advice is important. It is my understanding that you want to gift the VND or IQD and let that person cash it in. If it remains in your name you cash it in and give the exchanged dollars (in this case USD) you will pay the taxes above $14,000 which is the gift tax limit. I typed a gift letter to each person and placed the denominations of currency that I wanted to give to the person with my signature and notary stamp with a date obviously at this point prior to RV. The person will then pay taxes on the gain if applicable. This is my understanding of the process but again seek professional tax advice before proceeding. There was an example of a gift letter either here or on dinarrecaps. Check it out. Blessings!!!

michellebelltx

Posts : 1
Join date : 2013-04-03

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Re: Gifting VND

Post  rain72 on Mon Sep 02, 2013 11:28 pm

Hi,
Thanks for  answering.  I did search in here and found a form letter suggestion.
I have to search again because I forgot to add it to my favorites,
something I seem to do a lot lol.
Rain72

rain72

Posts : 16
Join date : 2013-07-15

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Gifting

Post  buchfeller on Mon Sep 02, 2013 11:31 pm

This is the way I was instructed by the supplier of our Dinar / Dong. Hope it helps.

Have your document notarized after filling out - Judy

On this date, Date, ownership of $XXXk Iraqi Dinar, is being gifted:
From: Yourself
Street Address
City, State

To: Recipient
Street Address
City, State

_____________________________________ _____________________________
Your Name Date
Att: Legal Documents
Copy of Proof of Purchase
Copy of Certificate of Authenticity



STATE OF XXXXXXX, COUNTY OF XXXX, ss.:

On this day, personally appeared before me

____________________________________________________________,
to me known to be the person(s) described in and who executed the within and foregoing instrument, and acknowledged that he/she signed the same as his/her voluntary act and deed, for the uses and purposes therein mentioned.

Witness my hand and official seal hereto affixed

this ______ day of ____________, _________.


__________________________________________

Notary Public in and for the State of _________________.

My commission expires ___________

buchfeller

Posts : 5
Join date : 2013-08-09

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Gifting

Post  buchfeller on Mon Sep 02, 2013 11:35 pm

You actually give them the dinar / dong - thus you do not pay taxes. They do.

And it allows you to gift them more than the current tax laws.
Husband and wife can each give $14k to married children ea, thus the wife can give 14k to husband and wife ea for a total of 28k, then husband can do the same for a grand total of $56k for a couple that is not taxable to any party.

Gifter

buchfeller

Posts : 5
Join date : 2013-08-09

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Re: Gifting VND

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