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

Originally Posted by H2O_Lover

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

We'll if it goes from 25% to 15% in 1 year, then in 2 years it should go from 15%to 10%, so 3 years would be 5%
Hey H2O_Lover I'm in the 5% bracket with you, I've been having mine for 3 years


and before anybody starts a debate over this I know it doesn't work that way I was just joking.

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

Thanks Mike... like you say... interesting... :)

All your suggestions as to be sure and report.. and hold on as long as possible,
and what the future of the dollar is appreciated and sound... also not to cash in all at once to not raise red audit flags..
Now I have a question.. don't know if there really is a answer but if you or anyone would like to give your opinion I would appreciate hearing it..
Being any amount we cash in will require the bank to report the $10k form to the irs... which is fine... But... is anyone else concerned about accts possibly getting frozen simply because most of us have never had large sums of money in our accts..? I've heard of that happening to people and wondering if there is a suggestion that could be shared to avoid that possibility.. I know visiting a legal advisor is something we all need to do.. and possibly he would advise the right entitys that would help.. but being all the notes are large even acouple being deposited to start could draw attention we don't want.. thanks in advance... :) ez

Originally Posted by DinarDarling

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.

strange--- the fellow i checked with is a partner in one of the larger accounting firms. i know another chap that does taxes and who was an irs agent. i will see what he has to say also.
thanks for your input.

Originally Posted by MrsCK

OK this is what we are going to do - hubby and I will get our own accounts. We are going to cash in 1/2 million which would be about 14 years of pay. Once the money is in our bank accounts we will go and pull every dime out in cash, sign the paper for over 10k, and walk away from the bank. Mason jars on 180 acres is a good hiding place Really - we will take the cash to a different bank that has a safe deposit box until we can figure out how we want to spend it.

Its hard to argue with cash. Remenber to hold back enough money to pay the IRS. There is no getting around it, they will know when you cash in the dinars if the amount exceeds $10,000.

Originally Posted by Socata 850

Its hard to argue with cash. Remenber to hold back enough money to pay the IRS. There is no getting around it, they will know when you cash in the dinars if the amount exceeds $10,000.

i think its been changed to 4k or 5k from 10k

Originally Posted by MrsCK

OK this is what we are going to do - hubby and I will get our own accounts. We are going to cash in 1/2 million which would be about 14 years of pay. Once the money is in our bank accounts we will go and pull every dime out in cash, sign the paper for over 10k, and walk away from the bank. Mason jars on 180 acres is a good hiding place Really - we will take the cash to a different bank that has a safe deposit box until we can figure out how we want to spend it.

Hey... this sounds good to me...! :) thanks MrsCK...
geezzz... for those who think we're getting paranoid....remember.. just cause people are following us.. doesn't mean we're paranoid...:) ez:)

Funny thing about taxes...

I was watching on HBO Real Time with Bill Maher last night and he had on the guy who made the movie "Iraq for Sale", so I watched it, he also had on Rep. Jack Kingston (R-GA), Kingston was trying to defend Republicans on the tax issues he also put out there that Capital Gains tax went from 20% down to 15% and he did not mean hold over a year and it will go down to 15%, what he was saying was the capital gains tax was lowered to 15%... Now does that mean if you hold over a year it goes down to 10%???

No matter if you bought your investment a week ago and the RV happens today, then you would only pay 15%... they have re-runs through out the week somebody check it out...

Originally Posted by PopaDinar

Funny thing about taxes...

I was watching on HBO Real Time with Bill Maher last night and he had on the guy who made the movie "Iraq for Sale", so I watched it, he also had on Rep. Jack Kingston (R-GA), Kingston was trying to defend Republicans on the tax issues he also put out there that Capital Gains tax went from 20% down to 15% and he did not mean hold over a year and it will go down to 15%, what he was saying was the capital gains tax was lowered to 15%... Now does that mean if you hold over a year it goes down to 10%???

No matter if you bought your investment a week ago and the RV happens today, then you would only pay 15%... they have re-runs through out the week somebody check it out...

There is no additional drop in the LTCG tax. 15% is it.

I hate to be the bearer of bad new but neno is going to be really mad because he made a special forum for taxes to be discussed and not here on iraq news. I'm not trying to grip really, it's just this has been about taxes for pages and pages. And he'll have a lot of cleaning up to do, Please don't get mad at me

Very Sorry!!! Neno!