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I own 25000 Dinar which is roughly only 25,000 dollars. If the dinar revalued to 3 dinar to 1 dollar, my dinar then would be worth 75000 dollars. If I traded my dinar currency back to dollars what kind of taxes would I pay?
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Ronald K. Nims
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If you spend the dinar, then it isn't taxable. If you exchange the dinar for dollars, you'd have a gain of $50,000 dollars.
Answered on May 14th, 2015 at 1:25 AM