Remember, this is one opinion.  (I'm NOT a tax adviser either...I
don't know much about taxes other than I have to pay them. :)

When the time is right...do the smart thing and find the best
tax authority you can find.

Until then, Here's Guru Doc's take on US taxes and the Iraqi Dinar...

*********************
Guru Doc
We addressed this some time ago but have had several recent
questions especially with all the talk of the new tax laws.

Our financial experts continue to maintain any gains should be
treated as capital gains.  

Here is a statement direct from the IRS found at
http://www.irs.gov/pub/irs-pdf/p525.pdf, the 2012 issue of Taxable
and Nontaxable Income, on page 30:

Foreign currency transactions. If you have a gain on a personal
foreign currency transaction because of changes in exchange rates,
you do not have to include that gain in your income unless it is
more than $200. If the gain is more than $200, report it as a
capital gain.  

The good news here is that it is not ordinary income but the bad
news is capital gains are now taxed at 20% versus 15% previously.   

Everyone's situation is different and there are numerous ways to
legally position yourself to minimize taxes.  Because of this you
should seek advice from a qualified tax professional.

*********************

This is ONE guru's perspective on this tax issue.  We've heard
others.

Like Guru Doc suggests, when the time is appropriate, speak to a
QUALIFIED tax professional!

You don't want to pay too little to Uncle Sam...BUT you don't want
to pay too much either! :)