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

Did you think it wouldnt be taxed?

Originally Posted by SPFX2

If and when our investment pays off, some sources I have spoken with have told me that we will be on the hook for taxes on our gains. Due to the Patriot Act, money laundering for terrorist is a big issue. Previously, the IRS would be notified when $10,000 or more was involved in a transaction (ie Deposit, Exchange) but now that will be looking when even $5000 is involved if more than 1 transaction occurs in a short period of time. From what I have found out, The Tax code stipulates that 60% of our gain would be taxed at 15% and the remaining 40% would be taxed at normal percentages of 30-35%. We can expect to pay roughly 23% total taxes on our gains! Is this true?? Does anyone else have some intel on this issue?

It all depends on how long you have had your dinar. Do a google search for "capitol gains tax" and you'll get an idea of what you're looking at...

hire a CPA ! The IRS has been notified about 10,000/cash deposits etc.
since the 80s.-- In the last few years banks have been required to report
suspicous transactions etc. Taxes: refer to publication 525 page 30
all profits involving foreign currency of more 200.00 must be reported.
owned under 1 year --up to 35%-----owned over 1 year --5% tax if in
10% & 15% bracket income bracket and 15% tax if in 25%,28%,33%,35%
income bracket.

Originally Posted by SPFX2

From what I have heard and been told from sources, the under 1 year over 1 year would not apply due to the limited ability of the IRS to determine when the dinars were purchased. Whos has kept a receipt? If someone purchased their dinars from say an E-Bay dealer who is not registered with the Treasury, what proof of purchase date would you have? The under or over 1 year time frame only applies to stock purchases...at least from what I hear.

Did you get a receipt at the time of your purchase? The proof is YOUR DATE ON YOUR RECEIPT. I assume you have some kind of proof?

SPFX2, the IRS doesn't want anything but the money. They do not have to determine when you bought your dinars...you best show them and I would say do so whenever it is required by them. You carry the burden of proof.

From my understanding of C/G Tax is that it matters most of your current tax bracket. But other than that, I would suggest when this does happen, one of the first items on the to do list is to see a CPA

Originally Posted by SPFX2

From what I have heard and been told from sources, the under 1 year over 1 year would not apply due to the limited ability of the IRS to determine when the dinars were purchased. Whos has kept a receipt? If someone purchased their dinars from say an E-Bay dealer who is not registered with the Treasury, what proof of purchase date would you have? The under or over 1 year time frame only applies to stock purchases...at least from what I hear.

Some people Investing in this have no ideal of what they have gotten into. They are learning as they go. We have a Thread for all this already. Please visit it here: http://www.rolclub.com/iraqi-dinar-d...ated-here.html Loaded with info you can pick from. Here you will hear more than what you have heard from.

Have you all seen the show with Rachel Ray and $ 40.00 a day? Well this is where my whole stategy was planned around. I have my entire scrap can savings invested in dinars. Not just any old dinars, but rather just the 50's! So once this baby hit's, we will be living on $50.00 a day! We will still be homeless, some nights. But just think of all the fabulous food we will be eating! Just like Rachel Ray! We have been watching here show. On and off in the shelters, just licking our chops. We've been like man, oh man. If she cannot eat on $ 40.00 a day! Try .40 to a $1.40 a day! My family and I live on under $ 2.00 a day for food. Mind you all, that we have 5 people in our family. So it's been tough, but once this thing hits. Our sleeping boxes will be, nice NEW strong and store bought ones! Oh yes, the USA what a great country! (NOT)

why is this in the rumors section? last time i checked-taxes werent a rumor.

Originally Posted by bigred52

hire a CPA ! The IRS has been notified about 10,000/cash deposits etc.
since the 80s.-- In the last few years banks have been required to report
suspicous transactions etc. Taxes: refer to publication 525 page 30
all profits involving foreign currency of more 200.00 must be reported.
owned under 1 year --up to 35%-----owned over 1 year --5% tax if in
10% & 15% bracket income bracket and 15% tax if in 25%,28%,33%,35%
income bracket.

Excellent summary bigred...should help a lot of folks to see what is coming tax wise. I won't be working when the r/v comes so 5% here I come!! At least until the democrats take it all away.