Thread: Cashing in, please read.

Originally Posted by mrmagnanimous

That's what's up, i just bought some DINAR's, im looking forward to cashing in and going to amsterdam! HOLLA!

I am not just an innocent bystander. I DO have Dinars but pray tell, why Amsterdam? Am I missing something??????

i just got off the phone with my parents tax guy and he told me it was a short capital gain unless i bought this money a year ago which would make it a long capital gain but anyways. since its a short capital gain they go off your tax bracket. this is the best part i dont claim taxes for my summer job since i make so little so im in the lowest tax bracket which means they only can take 10% out of my dinar for taxes. o by the way this is for the U.S.

Originally Posted by sholmes21

i just got off the phone with my parents tax guy and he told me it was a short capital gain unless i bought this money a year ago which would make it a long capital gain but anyways. since its a short capital gain they go off your tax bracket. this is the best part i dont claim taxes for my summer job since i make so little so im in the lowest tax bracket which means they only can take 10% out of my dinar for taxes. o by the way this is for the U.S.

Do they go by your tax bracket before cashing in dinar or after?

Thanks,
Monica

Originally Posted by readytogo

Do they go by your tax bracket before cashing in dinar or after?

Thanks,
Monica

they go by your tax bracket before you turn in your dinar

Originally Posted by sholmes21

they go by your tax bracket before you turn in your dinar

I would get verification of that...If you cash them in, they should affect your "income" for the year and thus would "bump" your tax bracket higher...Just a thought. This would be a prime reason to only cash what you need this year and by the next "tax" year, they would be considered a long-term capital gain...

Originally Posted by everwiser

I would get verification of that...If you cash them in, they should affect your "income" for the year and thus would "bump" your tax bracket higher...Just a thought. This would be a prime reason to only cash what you need this year and by the next "tax" year, they would be considered a long-term capital gain...

but its not registered under your income tax it is registered as a short term capital gain so they just use your income tax bracket to tax it

Originally Posted by sholmes21

but its not registered under your income tax it is registered as a short term capital gain so they just use your income tax bracket to tax it

unfortunately that is not accurate. the short term portion of capital gain is added into your total taxable income and then that total is taxed according to the rate table.

Originally Posted by clueless

unfortunately that is not accurate. the short term portion of capital gain is added into your total taxable income and then that total is taxed according to the rate table.

Agreed,

I remember adding my last captal gain to income, which determines your tax bracket, after all, your tax is calculate on total income, wherever it comes from, it impacts your tax bracket, so more checking would be wise before you file.

Good luck to all, Mike

Franny, You just keep on thinking that way It helps us all to stay young. and variety is the spice of life. LOL BOB

HEY! Anyone wanting to get a quick shipment of Dinar. Millon or more preffered. PM me and I will give you all a VERY reliable Honest Young Man living in Calif. Who will sell at a very GOOD price. and ship Overnight Continental USA, via Fedex. I have details available JUST PM me , and you better HURRY, the Peg Is Drawing Near. BOB