cruiser] As it pertains to EO 13303 15% tax. It is out there. I will find it and post. May not be tonight but will post once I do.
[bamanana] I'll gladly give 15% if they'll push the button. RV rv
[highlander65] cruiser wow you came back -- you are wonderful to come back to help address questions.
[RdRiver] Cruiser,,,bottom line what is your point sir? When the currency can be redeemed,,will the dealers raise it enough to make the reserves worth while?
[4given] cruiser so are you of the opinion that this is a 15% "capital gains" tax ?
[cruiser] 4given I am going to find the exact EO that states it.
[4given] cruiser so then it would be 15% long term and 35% short term ?
[cruiser] 4given think it is 15% for everyone. Have to find the literature on it.
ruiser] Truthfully, once this happens and you get your money, go see an accountant, either prior to or right after. That is Something that everyone needs to do.
childofgod] cruiser 15% across the board? whether we've had it in our possession less than 1 year or more?
Read more Link on Right
[WCW] look under G.Bush iraq dinar
[cruiser] childofgod I believe so
[childofgod] cruiser WOW! Great! TY
tc0043] cruiser It wasn`t an Eo that stated the percentage, it was an IRS ruling. Wonderwoman had it posted about six months ago. 15% flat for all. May not be valid if considered a currency exchange. Currencies are commodities, not securities and are not subject normally to cap gains or losses.
artle01] tc0043 Hey this is great!! Back to tax rates now!! must be close!!! Lol
WCW] that s why oom has been calling it a ce instead of rv
[babybaby] What is CE
[cruiser] Real simple. Consult an accountant either before cash in or after.
[artle01] WCW had it explained once that tax rates are different for CE versus RV
[highlander65] artle01 and they should be -- how many times have you converted dollars for a foreign currency and never paid taxes on any increase in the exchange? I can say NEVER
[booyah] if it happens in september, when would taxes be due?
[childofgod] babybaby CE = Currency exchange
[tc0043] booyah Oct 15
[booyah] tc0043 omg that fast??
tc0043] childofgod Yes 3rd qtr ends 9-30-2012 taxes are due 15 days after the end of the qtr
[childofgod] tc0043 DUH! I was just thinking that - taxes are due 2/15, 5/15, 8/15 and 10/15
[highlander65] sananddan24 well that would be the IRS lol -- listen why worry about taxes. Most of us will have more money than we ever had before so just pay them and not think about it.
[sananddan24] i will be glad to pay the taxes
artle01] tc0043 I remember 6 months ago this was discussed at 3S and concensus was 15% flat. An IRS agent confirmed it and big debate over Pub 525.Who knows for sure and the IRS can issue their own ruling on this. Also I remember that with an RI no tax might be due!!
[luap] when there's an rv/, THEN i'll worry about taxes