Sandy Ingram  

If the IQD were revalued to $0.25 to 1 Iraq dinar, based on 1 million IQD you would profit $250,000.  Your tax liability just on the $250,000 would place you at a 35% tax rate… Your tax would be $83,188 [Single/No Dependents]…You would only receive $166,812…Let’s say the IQD readjusts to $0.80 to 1…That would be a profit of $800,000 minus the fees to exchange…You would be taxed at 37%…This would be $284,901 owed in taxes.  You would only receive $515,000.  This does not include your state taxes…This is not a game…No one said it was fair.  [I] do not want to hear about what a new president will do because if this happens within the next year a new president cannot help you.  Congress has to vote on new tax laws. [Note:  Consult your tax professionals at the appropriate time to create a tax strategy specific to your unique circumstances.]