Post By Bailey 2 From Intel4u
IMPORTANT TAX INFO THRESHOLD RATE (Taxes) vs LOW RATE (Taxes)
[30MDINAR] - Teaser:
someone sent me some info last night that I asked them to get some more confirmation before I could share it. Today this person is getting that additional confirmation for me....read between the lines!
[30M] - I want to explain a little more in detail now what I could not explain last night. Last night in my update I said I can't go into details right now but we need to make a careful, calculated decision when exchanging.
I found out that Obama had instituted a 9% tax.
Bottom line is we're going to have to make a calculation when we're going into a particular rate for our exchange.
Read More Link On Right
I'm hearing there may be a cutoff amount for the return that may be counted as an investment.
Depending on the amount you're exchanging you may have to take a lesser rate in exchange for not having it considered an investment.
The amount could be the trigger - not certain, but we're looking into. I want you to know you may not want to run in and demand the highest rate possible and then get hit with more taxes.
There may be a threshold where some of what we have is considered an investment.
[ 30M] - Before we get all excited, let's relax and wait for additional information to develop.
[30M] - what you call it when you go in (exchange or investment) has nothing to do with it.
What is being talked about right now is a threshold that puts you into the investment category based on the amount you exchange, not what you call it.
[30M] - we don't have that last piece of information with the rate. I'm hearing from multiple sources that is being worked out right now.
We've got to know the spread (low end/high end for the rate) and what is that magical dollar amount that might move us into the investment category.
By knowing those 2 things we can know whether we pay the 9% or the full tax right.
[hoot2602] FLPatriot59 I can't fathom the O administration giving us an option of taking a 9% tax or anywhere from 15% for long-term capital gains to 43.5% for standard income taxes. That's crazy! But, is there anything normal about our government?
[Gdsgrl21] Think of it this way...on this "ride" we've learned about world politics, Iraq, US, banking....we prob know more about banking and currency exchange than most bankers! AND made lifelong friendship in the castle
[OKCRN] Gdsgrl21 I can guarantee we know more politicians in Iraq than the general population....and I doubt you can find 10 people on the street who can tell you who the Secretary of Treasury for the US is!