How do I exchange Foreign currency to US dollars and how much taxes do I have to pay.?

I purchase 5 million dollars of Iraqi dinars and hoping it will increase its value in the future. What my concern is when I go down to the bank or money exchange places how much fees and taxes will I have to pay.How do I exchange Foreign currency to US dollars and how much taxes do I have to pay.?If I was you, I'd check the internet for various banks/bureau de change information and see what their exchange rates are - some don't charge commissions but this may vary depending on how much you want to exchange etc..If they have limits, perhaps you could change smaller amounts at different banks to avoid charges??

Wonder how much 5 million Dinar is worth in US $??!How do I exchange Foreign currency to US dollars and how much taxes do I have to pay.?good questionHow do I exchange Foreign currency to US dollars and how much taxes do I have to pay.?http://www.xe.com/ucc/



as far as taxes, you will have to contact a CPA or the IRS, because alot depends on your exceptions/deductions, dependents and the such....it will have to be analyzed by a professional.How do I exchange Foreign currency to US dollars and how much taxes do I have to pay.?Exchanging currency - Exchange foreign currency at banks or make purchases on your credit cards to receive the best rate of exchange. Also, the foreign exchange counter at the convention centre will be open long hours and will have favourable rates of exchange.How do I exchange Foreign currency to US dollars and how much taxes do I have to pay.?I assume you mean you bought 5 million dinars . . . Any gain you realize from an increase in the value of the dinars will be ordinary income (i.e. not capital gain). Losses should be deductible, since you acquired them for investment.



As far as fees, you should check with the broker who sold them to you.