Thread: "Taxes", Anything Related To It In Here

Originally Posted by neno

Read the rules for this thread, before posting in this "THREAD"!! tks-neno

Baghdad Time: 02:10am, 11/06/2006 ~ market is closed | $1 USD = 1469.63 IQD ^


Ok this will start our "Latest News Thread", with the same rules for posting here. Everything else has been Moved to the History Thread. for reference. Continue the quest for the reval with rules followed. Have a Great Future.

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Originally Posted by elgordo

I Have Checked With My Tax Accountant, And Have Been Told That On Currency Exchanges, There Is No Fed. Income Tax.

Tell your tax accountant to go back and research.: I am a tax accountant and have researched this thing sideways over and over.
This will be considered a capital gain and the amount of tax due will depend on the length of holding period and also how much you exchange.

Originally Posted by MOM2TWO

Would it be smart to hold on to most of it for a year? Let's just assume it goes on Forex for $1.47. What are the possibilities of a DEvalue???, within a years time?

Nothing is for sure. Everyone has their own plans about what they are going to do. As for me I plan to cash in a couple hundred thousand, pay the taxes and get debt free. As for the rest I am going to wait until my one year anniversary comes up on the other purchases. I also plan to get some of my "exchange" money in Euros. It is my belief that the US is in for a tough go in the not too distant future. The value of the US dollar against other currencies, IMO is going to fall off. For a time the Euro will be the currency of choice and the world will shift some of its reserves to the Euro. If this happens, will will have so many dollars coming back to the US that the value will decline against other currencies. Remember, this is our once in a life time opportunity, you must think long term and preserve your capital as much as possible. These are my thoughts pre reval, its like asking someone what they would do if they win the lottery. I truly don't think anyone knows what they will do until they actually have the cash in hand. Just don''t make any quick decisions and you'll be OK. There are alot of smart people here on the forum, you'll be able to figure it all out once the "event" actually happens.

Originally Posted by Socata 850

Nothing is for sure. Everyone has their own plans about what they are going to do. As for me I plan to cash in a couple hundred thousand, pay the taxes and get debt free. As for the rest I am going to wait until my one year anniversary comes up on the other purchases. I also plan to get some of my "exchange" money in Euros. It is my belief that the US is in for a tough go in the not too distant future. The value of the US dollar against other currencies, IMO is going to fall off. For a time the Euro will be the currency of choice and the world will shift some of its reserves to the Euro. If this happens, will will have so many dollars coming back to the US that the value will decline against other currencies. Remember, this is our once in a life time opportunity, you must think long term and preserve your capital as much as possible. These are my thoughts pre reval, its like asking someone what they would do if they win the lottery. I truly don't think anyone knows what they will do until they actually have the cash in hand. Just don''t make any quick decisions and you'll be OK. There are alot of smart people here on the forum, you'll be able to figure it all out once the "event" actually happens.

geeezzzzz .......... I have been holding so long i should be paying 5%

Originally Posted by MOM2TWO

My husband just called a Tax Manager. When he told her about our investment in the NID; she immediately said "you must be a finance major, or have a terrific financial advisor". LOL

She also said that even though we live in TX (no state tax) we pay 35% right off the top. It will be due April 15.

She said that if we would have held on to it for over a year, we would only have to pay 15%. My question is how does the IRS know when/how we purchased our dinar?

Interesting,

Usually we hear just the opposite from investment advisors or tax accountants. (g) The most important thing to do is report, but if it were me, I would make sure you don't exchange until next year, assuming you aquired your dinar this year. The only way IRS would know is if you tell. LOL

Audit's are rare, but if you exchange it all in one year, it raises red flag for audit. The main thing is to report whatever you do exchange, but hold on to it as long as you can is best strategy as long term capital gains is gone in 2009.

Another point to keep in mind, with Chavez re-elected, you can count on oil moving to Euro with Iran also in on deal, so don't hold dollars, hold dinars, dollar is about to go into dumper next year, so another good reason not to cash out so quickly.

Good luck to all, Mike

Originally Posted by elgordo

I Have Checked With My Tax Accountant, And Have Been Told That On Currency Exchanges, There Is No Fed. Income Tax.

You better check with another accountant. If the gain on the monetary exchange exceeds $200.00, the gain is taxed at either 35% or 15% depending on how long you have held the money. Like others have said, don't mess with the IRS it is not worth it. Pay the tax and live without worry. Tax avoidance is legal, tax evasion is not.

Originally Posted by Offshore-Wealth.com

Interesting,

Usually we hear just the opposite from investment advisors or tax accountants. (g) The most important thing to do is report, but if it were me, I would make sure you don't exchange until next year, assuming you aquired your dinar this year. The only way IRS would know is if you tell. LOL

Audit's are rare, but if you exchange it all in one year, it raises red flag for audit. The main thing is to report whatever you do exchange, but hold on to it as long as you can is best strategy as long term capital gains is gone in 2009.

Another point to keep in mind, with Chavez re-elected, you can count on oil moving to Euro with Iran also in on deal, so don't hold dollars, hold dinars, dollar is about to go into dumper next year, so another good reason not to cash out so quickly.

Good luck to all, Mike

I agree with offshore wealth. I believe the dollar is going to take a dump this coming year and the dinar and the Euro will be a better medium to hold your cash in. Iran and Venezuela want the Euro to be the currency of choice for the purchase of oil, if that happens or if countries say it's Ok to use either dollars or Euro for their oil, we'll be in for a rocky ride here in the US.

Originally Posted by Socata 850

Nothing is for sure. Everyone has their own plans about what they are going to do. As for me I plan to cash in a couple hundred thousand, pay the taxes and get debt free. As for the rest I am going to wait until my one year anniversary comes up on the other purchases. I also plan to get some of my "exchange" money in Euros. It is my belief that the US is in for a tough go in the not too distant future. The value of the US dollar against other currencies, IMO is going to fall off. For a time the Euro will be the currency of choice and the world will shift some of its reserves to the Euro. If this happens, will will have so many dollars coming back to the US that the value will decline against other currencies. Remember, this is our once in a life time opportunity, you must think long term and preserve your capital as much as possible. These are my thoughts pre reval, its like asking someone what they would do if they win the lottery. I truly don't think anyone knows what they will do until they actually have the cash in hand. Just don''t make any quick decisions and you'll be OK. There are alot of smart people here on the forum, you'll be able to figure it all out once the "event" actually happens.

If we are US citizens and go to Europe to exchange some of our dinars to Euro currency, would there be no tax until it has actually been converted to USD here in the US?

Originally Posted by MOM2TWO

Would it be smart to hold on to most of it for a year? Let's just assume it goes on Forex for $1.47. What are the possibilities of a DEvalue???, within a years time?

Ask your husband to call her back and ask "Is the tax rate going to just 5% straight across the board in 2007 (which means short and long will go to 5%)?" If so - wait until January 2, 2007 and cash in.

Let us know what she says.

Chris

Originally Posted by MOM2TWO

My husband just called a Tax Manager. When he told her about our investment in the NID; she immediately said "you must be a finance major, or have a terrific financial advisor". LOL

She also said that even though we live in TX (no state tax) we pay 35% right off the top. It will be due April 15.

She said that if we would have held on to it for over a year, we would only have to pay 15%. My question is how does the IRS know when/how we purchased our dinar?

Keep your receits when you bought or exchanged them for proof.
CLM

Originally Posted by MrsCK

Ask your husband to call her back and ask "Is the tax rate going to just 5% straight across the board in 2007 (which means short and long will go to 5%)?" If so - wait until January 2, 2007 and cash in.

Let us know what she says.

Chris

That 5% tax bracket is ONLY for those in the very lowest tax brackets. Hopefully that won't be most of our group of Dinar Investors here.