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

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Originally Posted by tiffany

I'm "thinking" (and I use that term very loosely right now! ) that if you don't have a receipt or billing statement it would automatically be considered as short term capital gains...the IRS doesn't really care...you know what I'm saying?

MY thoughts are...

Say you purchased 1 million dinars in Oct '05 and another 1 million in April '06...you have the packing slip/receipt for your October order, so you could technically exchange 1 million (or less) anytime from Oct 06 to April 07 and only be liable for the long term capital gains tax...even though you haven't held the dinars for one year.

You have a receipt that states that you have purchased 1 Million dinars on THIS SPECIFIC date...but the IRS doesn't know WHICH SPECIFIC dinars are ON the receipt! (But yes, any that you would exchange BEFORE the 1 year anniversary of your EARLIEST receipt would be subject to the higher tax.)

You may have to read this more that once...I think I confused myself...but it does make sense! lol!

Tiff

This is correct, you need documentation if you want to claim long term cap gains rates. I'm personally hoping to cash in during 2008....... tax rate is zero during that year.

Hey PIMP, why would the tax rate in 2008 be zero? Uncle SCAM is not that giving is he?

I just want to say, that if it wasn't for our Government (President Bush) we would have never had this opportunity to have the Dinar that we have. They could have prevented everyone from recieving any Dinar whatsoever.
Lets say that the only reason that our government let us buy the dinar was to save our country from the downward spiral we were headed in.
By paying taxes on the dinar we buy, we help pay off our US debt, that's not a bad thing. Also taxes go to people that's been through a lot like New Orleans, and all that were affected by hurricans etc. Plus it helps families that do the work, creates jobs here in America. And don't forget all the millionares he's created through the dinars, so if we do have to pay taxes that's not such a bad thing to do, [U]I believe we live in the gratest country in the world, so i feel what is legal to do is the right thing to do. To pay taxes or not to pay taxes (whatever is legal) will be ok with me. I will still be Thankful to our government for what I have, freedom and finances.,.
So Thanks to George W Bush.
An American Patriot, Windwalker

Originally Posted by day dreamer

I just want to say, that if it wasn't for our Government (President Bush) we would have never had this opportunity to have the Dinar that we have. They could have prevented everyone from recieving any Dinar whatsoever.
Lets say that the only reason that our government let us buy the dinar was to save our country from the downward spiral we were headed in.
By paying taxes on the dinar we buy, we help pay off our US debt, that's not a bad thing. Also taxes go to people that's been through a lot like New Orleans, and all that were affected by hurricans etc. Plus it helps families that do the work, creates jobs here in America. And don't forget all the millionares he's created through the dinars, so if we do have to pay taxes that's not such a bad thing to do, [U]I believe we live in the gratest country in the world, so i feel what is legal to do is the right thing to do. To pay taxes or not to pay taxes (whatever is legal) will be ok with me. I will still be Thankful to our government for what I have, freedom and finances.,.
So Thanks to George W Bush.
An American Patriot, Windwalker

I agree completely and want to add in my $0.02 worth. Today, I am in debt roughly $30,000 (not including my house). If the Dinar revalues tomorrow, I won't be in debt at all. Now, I don't have as much dinar as most of you out there - I'm trying to find another $80 to buy another 100,000 dinar before the revalue, just to make things a little better for my family, but I don't think I'm going to be able to. But regardless of whether I do, or not, after the revalue hits, my family will not have any debt, and we'll be able to start up some business ventures we've wanted to do, as well as invest a good chunk so that my kids can go to any college that they want to. They will not be limited the way I was. I was so limited in my choice of colleges that I flunked out practically on purpose just so I wouldn't have to keep going there anymore. Then I joined the Air Force, and I'm happy with how things turned out - But I wish things had been a bit easier for me growing up. So I'm going to use my dinar earnings to give my kids the life that I wish I would have had growing up. They will not be spoiled, but they will certainly not have a lack of options.

The point of all of this is, I'm not complaining about the taxes at all. Do I wish I didn't have to pay so much? Sure, but everyone thinks that. I don't know one single soul that if asked to pay 25% taxes, wouldn't be saying, "Gosh, 20% would be better". The same would still hold true if someone said that you only had to pay 5% tax... "Gosh, 2% would be better!". Regardless of all of that, I will cash in my dinars (or a little bit of what little I have), to get my family out of debt, and I will pay all the taxes I owe, and do it with a smile. You know why? Because today, I have $30,000 worth of debt. Tomorrow, I won't.

It seems pointless to me to try and set up residency in some other state, to cash in there, so I reduce my taxes... Why do I want to put myself through that headache? I live in Ohio - I will still live in Ohio after the revalue. I'm not going to try to set up residency in Nevada, or Florida, or wherever there is no state tax, just to save 7%. Because as I look at it, the end result would be a couple hundred grand in the bank, AFTER taxes - And a couple hundred grand takes care of a whole world of problems... And leaves me in a position to make a donation of some kind to various veteran organizations and such. We can never forget those who fought to give us this opportunity, and I certainly don't intend to do that. My only regret is that I won't be able to give as much as I had hoped I would. But something is certainly better than nothing.

I guess at the end of the day, what it comes down to is how you look at things. Sure, you can look at things from the perspective that if you cash in 500,000 dinar at a 1:1 ratio, you're looking at being able to spend maybe $300,000 of it - If that - So you're losing $200,000, if not more. I choose not to do that, because I don't have the luxury of "What if's", and "could have been's". I see no point in dwelling over those things. Instead, I choose to view it as my family will have $300,000 more than what we had today. And that is how I'm able to pay those taxes with a smile on my face. No, I don't like doing it, but it is indeed a fact of life... And I still win in the end.

webguy ,

find an accountant that knows what there doing they can show you how to write off alot and pay less taxes.

Originally Posted by chadm

webguy ,

find an accountant that knows what there doing they can show you how to write off alot and pay less taxes.

I agree.

Along with this, webguy, I think the people who are more willing to "relocate" are the ones with 10M, 20M or even 50M+ NID. If a person had 20M NID and walked into the bank looking to cash-in, that would be in the neighborhood of $7M USD of taxes that Uncle Sam is taking (assuming a 1:1 rv). That is one hefty tax bill. If there was a way to save even $1M or $2M off that tax bill, that might be reason enough for someone to be willing to relocate. JMO

Originally Posted by arpking

Hey PIMP, why would the tax rate in 2008 be zero? Uncle SCAM is not that giving is he?

LOL...uncle scam.......

Its not Uncle Sam that passed the law, it was juniors idea. He got a law passed in 2003 which incrementally reduces long term cap gains down to a level of zero in the year 2008. This year its 10%, next its 5%, then ZERO.

Last I heard, Congress had extended this law until 2010. What the exact rates will be in 2009 and 2010 I don't know.

I do know however, that the long term cap gains rate in 2008 is 0%.... ZERO.......

More than likely its a coincidence, but you gotta wonder about the timing of all of this stuff eh? Things that make you go hmmmmmm.......

Originally Posted by Vipor

I agree.

Along with this, webguy, I think the people who are more willing to "relocate" are the ones with 10M, 20M or even 50M+ NID. If a person had 20M NID and walked into the bank looking to cash-in, that would be in the neighborhood of $7M USD of taxes that Uncle Sam is taking (assuming a 1:1 rv). That is one hefty tax bill. If there was a way to save even $1M or $2M off that tax bill, that might be reason enough for someone to be willing to relocate. JMO

With the example you provided, you are assuming short term capital gains tax no? I get a rate of about 35% from your example............

No reason to cash in under that kind of circumstance. Wait a years time (or slightly less depending on your exact purchase date...), lower your burden to 5% (the 2007 rate). If an hefty reval of 1:1 comes down the pipe you can bet the value wil go up in the short term as people flock to it.......

ALWAYS SAVE YOUR RECIEPTS....... it's the only documentation you have as to the date of purchase. If you want to qualify for long term capital gains rates in the future, you will need documentation of this sort.

Good luck alll........

Originally Posted by day dreamer

I just want to say, that if it wasn't for our Government (President Bush) we would have never had this opportunity to have the Dinar that we have. They could have prevented everyone from recieving any Dinar whatsoever.
Lets say that the only reason that our government let us buy the dinar was to save our country from the downward spiral we were headed in.
By paying taxes on the dinar we buy, we help pay off our US debt, that's not a bad thing. Also taxes go to people that's been through a lot like New Orleans, and all that were affected by hurricans etc. Plus it helps families that do the work, creates jobs here in America. And don't forget all the millionares he's created through the dinars, so if we do have to pay taxes that's not such a bad thing to do, [U]I believe we live in the gratest country in the world, so i feel what is legal to do is the right thing to do. To pay taxes or not to pay taxes (whatever is legal) will be ok with me. I will still be Thankful to our government for what I have, freedom and finances.,.
So Thanks to George W Bush.
An American Patriot, Windwalker

WebGuy added to this as well.............

I am a strong believer in doing things by the book. Why play around with questionable tactics when you stand to lose so much. Not worth the hassle at all.

When the time comes, I'll pay whatever rate is required. I'll also do it with a smile if they ask me to