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Good try but it won't matter you will pay taxes on this gain . Pres.obama did not kick the can down the road on the 17 trillion and only move the rich tax rate to 39.6. For no reason . What your saying as usual is way off base.
Ets styWhat the heck is this all about?
First, when you buy something, anything, in hopes you are going to be able to sell it for more, that IS an investment.
I hope this advise isn't another guy trying to say what you call it makes a difference for taxes, etc. The "no tax" idjits have all pretty much been debunked, I think. Or should have been.
But in the end, what is wrong with an investment? If someone didn't make one, none of us would be able to make a living. Investment is hood, and this is (or should be) an investment for us all.
Several million of us bought dinar with the expectation of making a profit. It is an investment. Sorry.
Please don't listen to the information here. This CE will be taxed at capital gains rate of 20% plus 3.8% for Obamacare. 23.8%!!!! The tax coded is 525. Blaino, if you give out false information that can be so easily disproven, what about everything else you say? I hope recaps posts this so someone doesn't get caught up in the no tax hype.?
Agree... Agree... Agree!... Remember, taxes and death are the two things you can absolutely, positively count on in this lifetime. The government will get thier cut and then some. I personally don't mind. As long as we get an RV that is between $1- $3 I would be overjoyed. They can have half!
Belive me, I know all about hard times and these are really hard times for the majority. Everyone wants to get as much as they can. Because of the world circumstances right now we are kind of in survival mode and that is normal I guess but, I am a little disturbed when people make such a big deal about the tax thing because although we would all rather not pay taxes and keep all of our profit I think we all know deep down inside that that is just not realistic. Money isn't everything when it comes down to it and although we are basically forced into being a part of the corrupt monetary system we don't have to let it rule or dictate everything that we are. Greed is an ugly monster and we all need to remember that no matter what we gain out of this monetarily that it does not equal or even come close to what a difference we can make for so many others as well as ourselves.
Also, I see that there are some others here with similar names to mine. Hello, how are you? We have something in common besides the RV lol.
Seriously if I were a wealth manager and someone walked in for an appt with the codes for blessing that can only be gotten from certain places- yea I don't think I'd be believing the ol " oh no I had planed on visiting that beautiful country " especially with dated receipts of purchase or whatever other kind of info that I have read here that they may want lol - hope it works tho lol- Ht
I had the privllege, in 1980, of sitting next to Og Mandino (author of "World's Greatest Salesman", (That is a motivational book, amongst scores of others.). He was called away from the dinner table by his agent, who informed him that he had just negotiated the sale of that book, for the paper-backed version for FOUR MILLION $. When I discussed all the legal ways he could avoid the approx. HALF that our UNCLE would want, he said the most profound thing I've ever heard. From that point forward I've attempted to develop a TENTH of the prosperity consciousness that Og has. He said, "I don't worry about any of that stuff! I just write out a check to the IRS for half of the amount for ant checks I get -- there's always going to be more coming in, 'cause there's always another book in here". (He did this pointing to his head.) And, besides, the government needs it more than I do!"
I'll be taking advantage of all the legal ways to keep as much of this as possible, but, in NO way will I attempt to even cash in ONE 10,000 note without reporting the gain, as I'm sure that IS what it will be deemed.
Been away for the week hitting the little round ball around. Did wonders not reading about the pending RV. After reading the exchange rate intel from Blaino it reminds me of the childrens story about the little boy who cried wolf. How many times till you lose faith or all of a sudden it just happens. Moral of the story is, When it happens "That's great, until then golf is a great distraction from Dinar impatience!! This CAN NOT happen SOON enough!!!
I can do that..... But the paragraph copied and posted from the tax code pretty much assures any increase in value above $200. is a taxable event. I hope I misread it completely :)
I disagree with his opinion. I am not or going to get hung up on a certain word. This is but one opportunity that I have invested for my future. Post RV, common sense and gained knowledge will prevail.
I am new to this "Dinar" trying to educate myself as I go. Just a few questinos. 1. Does anyone have a good prediction when this will happen? 2. Will I be notifed ? and by whom?
I'm fairly sure that the IRS will not care what you "tell the bank". They will see the transaction type and amount at some later date and come to their own conclusions. Then it will be up to you to prove them wrong!
Good Luck with that and enjoy the added penalty and interest charges.
Consult a tax attorney no matter what anyone tells you!
You must express the amounts you report on your U.S. tax return in U.S. dollars. If you receive all or part of your income or pay some or all of your expenses in foreign currency, you must translate the foreign currency into U.S. dollars. How you do this depends on your functional currency. Your functional currency generally is the U.S. dollar unless you are required to use the currency of a foreign country.
You must make all federal income tax determinations in your functional currency. The U.S. dollar is the functional currency for all taxpayers except some qualified business units (QBUs). A QBU is a separate and clearly identified unit of a trade or business that maintains separate books and records.
Even if you have a QBU, your functional currency is the dollar if any of the following apply.
You conduct the business in dollars.
The principal place of business is located in the United States.
You choose to or are required to use the dollar as your functional currency.
The business books and records are not kept in the currency of the economic environment in which a significant part of the business activities is conducted.
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.
Publication 525 page 30
Also review the above . Regardles of wether you call it a apple or an orange , if you do not report the event by the end of the business day , you will pay the maximum amount of 35% . So be aware , if you play games because of bad advise , you will pay more , not less . Get a lawyer and do it based on solid advise , not based on fantasy .
Regardles of wether you call it a apple or an orange , if you do not report the event by the end of the business day , you will pay the maximum amount of 35% . So be aware , if you play games because of bad advise , you will pay more , not less . Get a lawyer and do it based on solid advise , not based on fantasy .
Question- By the end of the day? Should we contact the IRS and set up an escrow acct. in advance? How would you accomplish this? Thanks, 10walleye