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

Talked with a tax accountant today -
Federal taxes on the first 50,000 = 15%
50,001 to 130,000 = 25%
130,001 - 195,000 = 28%
195,001 - 350,000 = 33%
over 350,000 = 35%
State taxes = 7% (no graduation)
Did the math, will "gift" Uncle Sam (LOL) over $320,850 and the state $70,000 on redeemed 1,000,000
Yikes - didn't know I was such a generous person.
And that's if you didn't hold the currency for over a year and a day - if so add 15% capital gains on it.
Egads we are being robbed.
Marcia

Originally Posted by RfxLady

Talked with a tax accountant today -
Federal taxes on the first 50,000 = 15%
50,001 to 130,000 = 25%
130,001 - 195,000 = 28%
195,001 - 350,000 = 33%
over 350,000 = 35%
State taxes = 7% (no graduation)
Did the math, will "gift" Uncle Sam (LOL) over $320,850 and the state $70,000 on redeemed 1,000,000
Yikes - didn't know I was such a generous person.
And that's if you didn't hold the currency for over a year and a day - if so add 15% capital gains on it.
Egads we are being robbed.
Marcia

But please do understand that once the D's got in office in November, Nancy Pelosi - Speaker of the House made it clear that the 15% rate will go away in about 2 years.
Also, there are some great gifting ideas to help reduce your taxes. If you gift to an IRS approved organization - such as church, Boys and Girls Clubs, etc, give them Dinar after it revals and then you get to deduct the full market value of the Dinar at that time. Don't cash it in first.

And P.S., you're not being robbed. When I went to business 29 years ago - the long term capital gains rate was . . . 50%!!!!

Originally Posted by RfxLady

Talked with a tax accountant today -
Federal taxes on the first 50,000 = 15%
50,001 to 130,000 = 25%
130,001 - 195,000 = 28%
195,001 - 350,000 = 33%
over 350,000 = 35%
State taxes = 7% (no graduation)
Did the math, will "gift" Uncle Sam (LOL) over $320,850 and the state $70,000 on redeemed 1,000,000
Yikes - didn't know I was such a generous person.
And that's if you didn't hold the currency for over a year and a day - if so add 15% capital gains on it.
Egads we are being robbed.
Marcia

He/she gave you the short term capitol gains rate, which mirrors ordinary income rates. However, if you hold the dinar for more than a year you will be taxed at the long term capitol gains rate which is 15%. I live in a state with no income tax so I have no idea how your state will treat your new found wealth.

Iam a little confused all our dinars will be taxed differently & not just one rate?............insight anyone........JCWH

Originally Posted by RetMil

He/she gave you the short term capitol gains rate, which mirrors ordinary income rates. However, if you hold the dinar for more than a year you will be taxed at the long term capitol gains rate which is 15%. I live in a state with no income tax so I have no idea how your state will treat your new found wealth.

I have had my dinar since 3/2005 and I have a reciept that shows that. So total tax is 15% on all of it or is higher as the amounts go up like shown above?

Has anyone in here seen this link before - it is on currency exchange in the US. Would appreciate some feedback on it.
http://www.ceedweb.org/iirp/ushouseres.htm
Thanks, Marcia

Originally Posted by mrvgs

I have had my dinar since 3/2005 and I have a reciept that shows that. So total tax is 15% on all of it or is higher as the amounts go up like shown above?

First of all, I'm not a Tax Expert, but I know that all of this depends on your tax bracket for starts. Once that has been established, you must determine if all of your Dinar holdings are Long Term or Short Term Capital Gains meaning you have held them over one year or less than one year, respectively. I beleive the most that the Feds will tax Long Term (according to the present law) is 15%. If you fall in a lower tax bracket, your percentage of taxation will be reduced. I hope this helps in a way. But the main thing is to discuss your specific situation with a Tax Expert and off you'll go into Reval Heaven!!!

Originally Posted by RfxLady

Has anyone in here seen this link before - it is on currency exchange in the US. Would appreciate some feedback on it.
http://www.ceedweb.org/iirp/ushouseres.htm
Thanks, Marcia

This is dated for the year 2000 and a Lot has changed since then in respect to laws governing Capital Gains.

Originally Posted by musclesjw

Iam a little confused all our dinars will be taxed differently & not just one rate?............insight anyone........JCWH

Good point,

It is difficult to make heads or tails of taxes since so many people are here from all parts of the world, so it can get confusing. For U.S. residents, it is a question of short, as in less than one year, and long term, over one year which we have to be concerned with.

Simply put, long term, which is what most people will be using is 15% at this point, but with democrats in, who knows what the rate will change to in the future, so remember, capital gains is a moving target at this point.

If you are looking at short term, then this coordinates with your current personal income tax rate based, so weigh it carefully when you think about exchanging as you will surely be pushed into the highest tax bracket if you exchange even smallest amounts of dinar, so think it out carefully, or better yet, get professional tax advisor to make sure.

Personally, you want to minimize your tax bite no matter what the circumstances, and as mentioned, everyone is different here, so it can get confusing. For me, all my dinars are long term, and although 15% is not bad for this year, I am not about to exchange out all my dinar when value is restored, so think about what you need to get out of debt, purchase a few frills, whatever, but don't be so fast to exhange all your dinar out at first revalue. It will move up in value a lot faster than any other investment you can find in this crazy market, so be smart.

Good luck to all, Mike

Originally Posted by Offshore-Wealth.com

Good point,

It is difficult to make heads or tails of taxes since so many people are here from all parts of the world, so it can get confusing. For U.S. residents, it is a question of short, as in less than one year, and long term, over one year which we have to be concerned with.

Simply put, long term, which is what most people will be using is 15% at this point, but with democrats in, who knows what the rate will change to in the future, so remember, capital gains is a moving target at this point.

If you are looking at short term, then this coordinates with your current personal income tax rate based, so weigh it carefully when you think about exchanging as you will surely be pushed into the highest tax bracket if you exchange even smallest amounts of dinar, so think it out carefully, or better yet, get professional tax advisor to make sure.

Personally, you want to minimize your tax bite no matter what the circumstances, and as mentioned, everyone is different here, so it can get confusing. For me, all my dinars are long term, and although 15% is not bad for this year, I am not about to exchange out all my dinar when value is restored, so think about what you need to get out of debt, purchase a few frills, whatever, but don't be so fast to exhange all your dinar out at first revalue. It will move up in value a lot faster than any other investment you can find in this crazy market, so be smart.

Good luck to all, Mike

Again, you make info so sound and so clear. When you post there is very little question and lots of "aaaaahhhhhh, yea, this is great.